Fern Ltd is a company that cultivates exotic plants. The following investment properties are owned by the company: Additional Information 1. It is the company's policy to account for investment property using the fair value model. 2. The vacant land is situated in Cape town and is held for long-term capital appreciation. 3. The hot house and the office building are situated in Johannesburg and are leased out in terms of non-cancellable operating lease agreements for a period of five years from the dates they were acquired. The hothouse and office building were leased out at a monthly rental of R3 500 and R4 000 respectively. 4. Repairs and maintenance of R7 500 were incurred on the hot house during 20.18 5. During January 20.18 an amount of R45 500 was spent to combat a sudden locust plague that broke out on the vacant land. 6. During November 20.21, expenditure of R45 000 was incurred for the hothouse. This expenditure will increase the future benefits expected form the hothouse. 7. The above properties were valued by Mrs. B Dlamini, an independent sworn appraiser who has recent experience in the location and category of the properties being valued. The valuer determined