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An entity purchased an investment property on 1 January 20X3 for a cost of $3.5m....

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Accounting

An entity purchased an investment property on 1 January 20X3 for a cost of $3.5m. The property had an estimated useful life of 50 years, with no residual value, and at 31 December 20X5 had a fair value of $4.2m. On 1 January 20X6 the property was sold for net proceeds of $4m.

Calculate the profit or (loss) on disposal under both the cost and fair value (FV) model

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