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Java Resort Group owned a very suecessful spa resort in Bali. The resort land and...

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Accounting

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Java Resort Group owned a very suecessful spa resort in Bali. The resort land and building were acquired at the beginning of 2022 at $1 million and $500,000, respectively. The company depreciated the building on a straightline basis over 20 years with no expected residual value. Independent appraisals conducted at the end of each financial year estimate the market value of the resort land and building as follow:: The company management believes that fair value is more relevant for decisioa making and where allioned by accounting standards, the company reports its assets at their fair value. Owing to a change in thatex, the conpany ceased its resort operations and rented out the resort facitities to another party on January 1. 2024. In return, the company received a fived monthly reatal inconse from its revort land and buildine. Required: Determine the carrying amount of the resont land and building on December 31, 2023 and 2024, Pronide the fairal

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