The following information relates to a property owned by ABC Ltd.

	$000
Industrial building in Tai Po (acquired 1 April 2009 at cost)	12,000
Improvements to the building to extend the floor capacity in January 2017.	1,600
Repairs and maintenance to the building for the year	200
Rent received for the year	640

Around 3% of the floor area of in this property is used as the administrative office of the company. The property can only be sold as a complete unit. The remaining portion of the building is leased out to more than 20 outsiders in arms length transactions under operating leases. ABC Ltd provides security services to the tenants. On 31 March 2017, an independent valuer valued this property at $16 million. ABC Ltd accounts for its property, plant and equipment using the revaluation model and investment properties using the fair value model.

Required:

a What is the proper classification of this property under the current HKAS? Please explain in detail. (8 marks)

b Prepare accounting journal entries with narratives to record the transactions for this property for the year ended 31 March 2017. (8 marks)

c Prepare extracts of statement of financial position and statement of profit or loss for the year ended 31 March 2017 for this property. (5 marks)

d Suppose on 31 March 2017 the whole property will become the headquarters of ABC Ltd, outline the necessary accounting treatments for this transaction. (4 marks)