Power Inc. owns an apartment building that was originally purchased in Year 4 for $1,200,000. At the end of year 9, the building had a fair value of $1,600,000. On December 31, Year 10, the fair value was $1,550,000. What journal entry is required to record the apartment building at its fair value at year end?
a) No journal entry is required.
b) A debit to investment property of $350,000.
c) A debit to investment property of $400,000.
d) A credit to investment property of $50,000.