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Explain the accounting treatment of property on january

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Gigi Bhd acquired a landed property on 1 April 2017 for RM11,000,000 and was used for administrative purposes. The estimated useful life of the property was 50 years and adopted the cost model in measuring its property, plant and equipment. The property is depreciated on a yearly basis. On 1 January 2020, Gigi Bhd agreed to stop using the property and moved out to different locations due to restructuring. The property was then rented out at a market rental. The fair value of the property on 1 January 2020 was RM11,000,000 and fair value as at 31 December 2020 was RM11,200,000. In measuring its investment property, Gigi Bhd adopted the fair value model.

Required:

Problem 1: Explain the accounting treatment of property on 1 January 2020.

Reference no: EM132739536

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