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What is the gain on disposal of the property

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Question - An entity purchased property for $6 million on 1 July 20X3. The land element of the purchase was $1 million. The expected life of the building was 50 years and its residual value nil. On 30 June 20X5 the property was revalued to $7 million, of which the land element was $1.24 million and the buildings $5.76 million. On 30 June 20X7, the property was sold for $6.8 million. What is the gain on disposal of the property that would be reported in the statement of profit or loss for the year to 30 June 20X7?

A. Gain $40,000

B. Loss $200,000

C. Gain $1,000,000

D. Gain $1,240,000

Reference no: EM132510854

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