Question 7 Snowshoe Winter Inc. (SWI) owns an apartment complex, which it classifies as an investment property. The apartment complex was acquired on April 1, 2021 and was initially recognized at its acquisition cost of $8,400,000 which includes the initial purchase price of $8,000,000, $150,000 legal fees to purchase the property, and $250,000 for land transfer fees. SWI determines that 80% of the total value is related to the apartment complex and the remaining value is related to the land. SWI has a November 30 year end. The following fair values are determined at each year end date: November 30, 2021: $8,550,000 November 30, 2022: $8,600,000 November 30, 2023: $8,300,000 SWI expects the apartment complex to have a 40-year life and a residual value of $750,000. The company uses the straight-line method of depreciation. Required (17 marks): a) Assuming that SWI applies the cost model prepare all the required journal entries for 2021, 2022 and 2023. (Please date your entries) b) Assuming that SWI applies the fair value model prepare all the required journal entries for 2021, 2022 and 2023. (Please date your entries)