QUESTION I Chin Han Property Bhd (CHP) owns several properties. In accordance with MFRS 140 investment properties, CHP carries investment properties under the fair value model and cost model for owner-occupied property. CHP decided to calculate the depreciation of non-current assets, using the straight-line method and closes its account on 31 December each year. Property 1 was acquired on 1 January 2019. It had a cost of RM1,000,000 comprising RM500,000 for land and RM500,000 for building. The building has a useful life of 40 years. CHP uses this property as its head office. Property 2 was acquired on 30 March 2019 for RM1,500,000 for its investment potential. On 31 December 2020, it had a fair value of RM2,300,000. By 31 December 2021, its fair value had risen to RM2,700,000. This property has a useful life of 40 years. The investment property was sold in early January 2022 for RM2,950,000, the disposal incurred an agency cost of RM150,000. Property 3 was acquired on 30 June 2019 for RM2,000,000 for its investment potential. The directors believe that the fair value of this property was RM3,000,000 on 31 December 2020 and RM3,500,000 on 31 December 2021 . However, due to the specialised nature of this property, these figures cannot be measured reliably. This property has a useful life of 50 years. REQUIRED: (Round all numbers to the nearest RM) a) For each of the above properties explain the accounting treatment for the year ended 31 December 2021 . b) Prepare the journal entries for the years 2019,2020 , and 2021 of property 2 and property 3, if CHP uses the fair value model under MFRS 140 Investment Properties. c) Calculate the gain on disposal of property 2 and prepare a related journal entry for 2022