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smithson co. purchased a new building with a 50 year life for $10 million on...

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Accounting

smithson co. purchased a new building with a 50 year life for $10 million on 1 january 2013. on 30 june 2015, smithson co. moved out of the building and rented it out to third parties. smithson co. uses the fair value model for investment properties. at 30 june 2015 the fair value of the property was $11 million and at 31 december 2015 ot was $12.5 million.

what is the total net amount to be recorded in the statement of profit or loss in respect of the office for the year ended 31 december 2015

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