Q1 EXAM DEC 15

Dear Sir,

I would like to have the detailed correction of the question on the exchange of assets in Question 1 of the Dec 15 exam.
As the correction does go enough into details. Here is my understanding – please correct me where i am wrong :
Bookings on 1 May 2015:
Step 1. Revaluation of the land; from 5M$ to 7M$
Step 2. Acquisition of the overseas property : cost = 7M$
Step 3; Day one gain loss / revaluation of the overseas property from 7M$ to 58.5MDinar.

Please tell me why i am wrong, it will help a lot !

Thanks again !