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Mr x purchased property for $12million on 1st july 20X3. The land element of purchase was $2million. The expected life of building was 50 years and its residual value nil. On 30th june 20X5 the property waw revalued to $14 million of which land element wae 2.48 million and buildings $11.52 million. on 30th june 20X7, the property was sold for$13.8 million . What is the gain on disposal of property that would be reported in statement of p&L for year to 30 june 20X7
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