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At 30 November 20x3, Joey carried a property in its statement of financial position at its revalued amount of $14 million in accordance with IAS 16, Property, Plant and Equipment. Depreciation is charged at $300,000 per year on the straight line basis. In March 20x4, the management decided to sell the property and it was advertised for sale. By 31 March 20x4, the sale was considered to be highly probable and the criteria for IFRS 5, Non-current Assets Held for Sale and Discontinued Operations were met at this date. At that date, the asset's fair value was $12.4 million and its value in use was $12.5 million. Costs to sell the asset were estimated at $300,000. On 30 November 20x4, the property was sold for $16.3 million. The trans- actions regarding the property are deemed to be material and no entries have been made in the financial statements regarding this property since 30 November 20x3 as the cash receipts from the sale were not received until December 20x4.
Required:
Problem 1: Discuss how the item should be dealt with in the financial statements of Joey for the year ended 30 November 20x4.
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