Matchbox Inc. manufactures toys for boys. The following information relates to fixed property owned by the company: Industrial building (acquired 1 April 2009 at cost Improvements to the building to extend rented floor capacitv in January 2017 Repairs and maintenance to investment property for the vear Rentals received for the vear $'000 12,000 1,600 200 640 Approximately 3 percent of the property's floor space is used as the administrative head office of the company. The property can be sold only as a complete unit. The remainder of the building is leased out under operating leases. The company provides lessees with security services The company values property, plant and equipment using the revaluation model and investment property using the fair value model. On 31March, 2017, the Statement of Financial Position date, Mr. Proper (an independent valuer) valued the property at $16 million a. Prepare journal entries to record the transactions for this building for the year ended 31 March 2017. b. Assume the whole building will become the headquarters of Matchbox Inc. on 31 March 2017, outline the necessary accounting treatments for this transaction