Three separate real estate companies: US Reality (which applies the cost model), UK Reality (which

applies the revaluation model), and International Reality (which applies the Fair Value model).

Assume that on the 31/12/2003 each of the companies pays 1000 for investment property; a

building. The building has a useful life of 10 years, no residual value and is expected to provide a

constant stream if economic benefits.

1. For each company, what is the accounting entry required at each of the following dates:

• On December 31, 2013, at acquisition
• On December 31, 2014, assuming the investment property fair value
• is 1,300
• On December 31, 2015, assuming the investment property fair value
• is 1,100

On December 31, 2016, assuming the investment property fair value

is 500

I need help creating the journal entries for the above