IFRS 5 restricted gain in excess of the cumulative impairment loss

PYQ Q3(d) Minco acquired a property for $4 million and annual depreciation of $300,000 is charged on the straight line basis. At the end of the previous financial year of 31 May 2013, when accumulated depreciation was $1 million, a further amount relating to an impairment loss of $350,000 was recognised, which resulted in the property being valued at its estimated value in use. On 1 October 2013, as a consequence of a proposed move to new premises, the property was classified as held for sale. At the time of classification as held for sale, the fair value less costs to sell was $2·4 million. At the date of the published interim financial statements, 1 December 2013, the property market had improved and the fair value less costs to sell was reassessed at $2·52 million and at the year end on 31 May 2014 it had improved even further, so that the fair value less costs to sell was $2·95 million. The property was sold on 5 June 2014 for $3 million.

Answer::
At the time of classification as held for sale, depreciation needs to be charged for the four months to 1 October 2013. This will be based upon the year end value at 31 May 2013 of $2·65 million. The property has 10 years life remaining based upon the depreciation to date and assuming a zero residual value, the depreciation for the four months will be approximately $0·1 million. Thus, at the time of classification as held for sale, after charging depreciation for the four months of $0·1 million, the carrying amount is $2·55 million ($4m – $1 – $0·1m – $0·35m) and fair value less costs to sell is assessed
at $2·4 million. Accordingly, the initial write-down on classification as held for sale is $150,000 and the property is carried at $2·4 million. On 1 December 2013 in the interim financial statements, the property market has improved and fair value less costs to sell is reassessed at $2·52 million. The gain of $120,000 is less than the cumulative impairment losses recognised to date ($350,000 plus $150,000, i.e. $500,000). Accordingly, it is credited in profit or loss and the property is carried at $2·52 million. On 31 May 2014, the property market has continued to improve, and fair value less costs to sell is now assessed at $2·95 million. The further gain of $430,000 is, however, in excess of the cumulative impairment losses recognised to date ($350,000 plus $150,000 – $120,000 – $430,000, i.e. $50,000). Accordingly, a restricted gain of $380,000 is credited in profit or loss and the property is carried at $2·9 million. Subsequently, the property is sold for
$3 million at which point a gain of $100,000 is recognised.

The question i want to highlight is that the excess gain of $50,000 would be ignored right?