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At the date of acquisition of P Co(1 Jan 2000), the fair value of its freehold property was considered to be $400,000 greater than its value in P Co’s statement of financial position($1250). P Co had acquired the property ten years earlier and the buildings element (comprising 50% of the total value) is depreciated on cost over 50 years. reporting date 31 Dec 2005.
how to account for the above transaction?
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