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Question 3 Refer to Johnson's Tires in Question 2. In this scenario, Johnson's Tires chooses to rent out the warehouse space to several businesses.

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Question 3 Refer to Johnson's Tires in Question 2. In this scenario, Johnson's Tires chooses to rent out the warehouse space to several businesses. Relevant fair values are as follows: December 31, 20X2 $143,000 December 31, 20X3 $137,000 December 31, 20X4 $130,000 December 31, 20X5 $133,000 Required: Prepare all journal entries necessary to account for the warehouse investment asset using the fair value model.

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