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On January 2019, Kawtim Berhad acquired property for investment purposes. The cost of the building is RM 40 million and depreciated for 40 years. The

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On January 2019, Kawtim Berhad acquired property for investment purposes. The cost of the building is RM 40 million and depreciated for 40 years. The fair value of the property on 31 December 2019 and 31 December 2020 were RM 38 million and RM 39 million respectively. Required: Prepare relevant journal entries to record transactions for the year ended 31 December 2019 and 2020 based on the following assumptions: a. The company adopts fair value model; b. The company adopts the cost model

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