On January, 2021, Joshtin Company owned an investment property which had an original cost of 7,250,000 and useful life of 50 years. On December 31, 2021, the fair value was 6,100,000 and on December 31, 2022, the fair value was 6,000,000. Under the fair value model, what is the expense to be recognized for the year ended December 31, 2022? 0 200,000 100,000 147,000
On January, 2021, Joshtin Company owned an investment property which had an original cost of 7,250,000 and useful life of 50 years. On December 31, 2021, the fair value was 6,100,000 and on December 31, 2022, the fair value was 6,000,000. Under the fair value model, what is the expense to be recognized for the year ended December 31, 2022? 0 200,000 100,000 147,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January, 2021, Joshtin Company owned an investment property which had an original cost of 7,250,000 and useful life of 50 years.
On December 31, 2021, the fair value was 6,100,000 and on December 31, 2022, the fair value was 6,000,000.
Under the fair value model, what is the expense to be recognized for the year ended December 31, 2022?
0
200,000
100,000
147,000
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