Celine, a manufacturing entity, purchases a property for $$1$ million on $1$ January $20$X$1$ for its investment potential. The land element of the cost is believed to be $$400,000,$ and the buildings element is expected to have a useful life of $50$ years. At $31$ December $20$X$1,$ local property indices suggest that the fair value of the property has risen to $$1\mathrm{.}1$million.Required: Show how the property would be presented in the financialstatements as at $31$ December $20$X$1$ if Celine adopts:$($a$)$ the cost model$($b$)$ the fair value model.