Problem 3: Galore Company ventured into construction of a condominium in Makati which is rated as the largest state-of- the-art structure. The entity's board of directors decided that instead of...

Extracted text: Problem 3: Galore Company ventured into construction of a condominium in Makati which is rated as the largest state-of- the-art structure. The entity's board of directors decided that instead of selling the condominium, the entity would hold this of earning rentals by letting out space to business executives in the area. property for purposes The construction of the condominium was completed and the property was placed in service on January 1 2019. The cost of the construction was P50,000,000. The useful life of the condominium is 25 years and its residual value is P5,000,000. An independent valuation expert provided the following fair value at each subsequent year-end: 55,000,000 53,000,000 60,000,000 December 31, 2019 December 31, 2020 December 31, 2021 Required: Prepare all indicated entries for 2019, 2020 and 2021 assuming the investment property is accounted for under the cost model and fair value model.