118. Assume that an investment group owns a high-rise, oceanfront condominium building that it rents unfurnished to tenants. The group purchased the building five years ago from a construction...

118. Assume that an investment group owns a high-rise, oceanfront condominium building that it rents unfurnished to tenants. The group purchased the building five years ago from a construction company. At that time, it expected the building to have a useful life of 40 years. Explain the procedures you might follow as the investor group’s accountant to ascertain the measurement amount for this building under each of the following approaches:



a.
Acquisition cost.

b.
Adjusted acquisition cost (reduced for services already consumed).

c.
Current replacement cost.

d.
Net realizable value.

e.
Fair value.