Crescent Co has entered into a contract regarding its head office building whereby it will sell the building on $30$ June $2023$ to Sunny Co and immediately lease it back. The sale contract requires the disposal of the building for its fair value of $$60$ million and for Crescent Co to lease it back for a period of $10$ years. The present value of the lease payments at market rates on $30$ June $2023$ is $$52$ million. The market value for a building of this nature has not changed in several years and is unlikely to change in the near future. The building is being depreciated by $5\%$ per annum using the reducing balance method.

Between $31$ December $2023$ and $31$ December $2024,$ it is anticipated that $$4$ million will be spent to improve the exterior parking area of the building. There is no legal requirement to improve the parking area. Crescent Co$,$ has incorrectly treated this amount as a reduction to the asset$$s carrying amount. At $31$ December $2023,$ the carrying amount of the building, after the deduction of the improvements was $$36$ million. No other entries have been made in relation to the building for the $31$ December $2023$ year$-$end.

Required:

Discuss the accounting treatment for the sale of the building on $30$ June $2023.($