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A business owns a building which it has been using as a head office. In order to reduce costs, on 3 0 June 2 0

A business owns a building which it has been using as a head office. In order to reduce costs, on 30 June 2009 it moved its head office functions to one of its production centers and is now letting out its head office. Company policy is to use the fair value model for investment property.The building had an original cost on 1 January 2000 for $250,000 and was being depreciated over 50 years. At 31 December 2009 its fair value was judged to be $350,000.Required:How will this appear in the financial statements at 31 December 2009?

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