Example 10: An entity has a property that was originally acquired for 550,000. The property was revalued to 800,000 last year, and the 250,000 was recognized in other comprehensive income and held in revaluation surplus in accordance with IAS 16. The current carrying amount for the property is 750,000. Due to contamination of the land on which the property stands, the entity has undertaken an impairment review. The fair value of the property is now estimated to be only 300,000. The value in use of the property is calculated as being 350,000. Required: Explain the treatment of the above