Question

seringa limited acquired a property in rundu which has always been leased to tenants for which the faair value has never been determinable construction of the building commenced in june 2014 and was completed and available for use on 1 january 2016 at a cost of 3000000.its total useful life is 20 years . fair value are now consider reliably measurable and the accounant is adamant that the aaset should either be measured under fair value model forthwith or that the depreciation on the building should be measured using ans estimated residual value of 500000 ( previusly the residual valus was nil). The estimated useful life has remained unchanged . The fair value on 31 December 2019 was 600000 investment property are accounted for in accordance with the fair vaue while owner occupied property with cost model .what is the classification and he measurement of this property at the reporting period of 31 december 2019?

Answer 1

Answer:

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