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Discuss the accounting treatment for this transfer

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Question - Melody Property Limited owns a right to use land together with a building from 2000 to 2046, and the carrying amount of the property was $5 milion with a revaluation surplus of $2 milion at the end of 2006. No revaluation was made in 2007. On 2 May 2008, when the fair value of the property increased to $5.5 milion, Melody signed a lease to rent out the property for rental purposes. Discuss the accounting treatment for this transfer and suggest journal entries.

Reference no: EM132784121

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