The empty boxes are what need to be filled. Can anybody help? On...
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The empty boxes are what need to be filled. Can anybody help?
On April 13, 2020, Bonita Ltd. purchased a small apartment building with eight suites. The building qualified as an investment property under IAS 40. At the time of purchase, six out of the eight suites were rented. Bonita paid the following items at the time of its acquisition of the apartment building (all items were paid in cash except for the building itself, for which Bonita took out a mortgage): Purchase price of building Legal fees Property transfer fees Painting of empty apartments Advertising for empty apartments $5,160,000 7,740 25,500 5,010 2,000 On April 14 the previous owner of the apartment building paid Bonita $11,500 for damage deposits from the existing tenants. On December 31, 2020, the apartment building had a fair value of $5,350,000. On December 31, 2021, it was determined that the apartment building had a fair value of $5,130,000. Assuming Bonita follows IFRS, prepare the journal entries required to record the above events. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order presented in the problem.) Debit Credit Date April 13, 2020 Account Titles and Explanation Investment Property Advertising Expense Repairs and Maintenance Expense Cash Mortgage Payable April 14, 2020 Dec 31, 2020 Dec 31, 2021 Gain or Loss in Value of Investment Property Investment Property
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