Juno plc is company that prepares its financial statements to 31 December each year. The following issue need to be resolved before the financial statements for the year ended 31 December 2016 can be finalised.

On 1 January 2015, Juno plc purchased a factory for 5,000,000. It was decided to depreciate the property over ten years on a straight-line basis assuming no residual value. The property is re-valued annually. At the end of 2015 and 2016, the property had estimated sale values of 5,400,000 and 3,800,000 respectively

Explain, showing relevant calculations, how the property should be accounted for in Juno plcs financial statements the years ended 31 December 2015 and 2016.