GTUC owns a property that it is using at its head office. At 1 January 2018, its carrying value was $20 million and its remaining useful life was 20 years. On 1 July 2018 the business was reorganized and cheaper premises were found for use as a head office. It was therefore decided to lease the property under an operating lease.

The property was valued by a qualified professional, who assessed the propertys value as $21 million on 1 July and $21.6 million on 31 December 2018.

Explain the accounting treatment of the property,plant and equipment in the financial statements for the year-ended 31 December 2018.