Moore Co$,$ an investment property company, has been constructing a new cinema building for the last $18$ months. The entity has a $31$ December year$-$end. At $31$ December $20$x$7,$ the cinema was nearing completion, and the costs incurred to date were:

$m

Materials, labour and sub$-$contractors

$14\mathrm{.}8$

Other directly attributable overheads

$2\mathrm{.}5$

Interest on borrowings

$1\mathrm{.}3$

The building is deemed to be a qualifying asset and therefore any borrowing costs are capitalised as part of the cost of the building. A specific loan of $$18$ million was obtained to fund this project and the annual rate of interest rate is $9\mathrm{.}5\%.$ During the three months $1$ January $20$x$8$ to $31$ March $20$x$8$ the project was completed, with the following additional costs incurred:

$m

Materials, labour and sub$-$contractors

$1\mathrm{.}7$

Other directly attributable overheads

$0\mathrm{.}3$ The company was not able to determine the fair value of the property reliably during the construction period and therefore adopted the allowance as per IAS $40\mathrm{.}53$ Investment Property to measure the property at cost until construction iss complete.On $31$ March $20$x$8,$ the company obtained a professional appraisal of the cinema$$s fair value, and the valuer concluded that it was worth $$24$ million. The fee for his appraisal was $$100,000,$ and has not been included in the above figures for costs incurred during the three months. The cinema was rented by a national multiplex chain on an operating lease as at $1$ April $20$x$8,$ and was immediately welcoming capacity crowds. The lease agreement allows for annual revisions, and it was therefore clear that it was worth even more than the valuation at $31$ March $20$x$8.$ Following a complete valuation of the company$$s investment properties at $31$ December $20$x$8,$ the fair value of the cinema was established at $$28$ million.Provide the journal entries relating to the investment property for the year ending $31$ December $20$x$8.$ You should provide narrations which have a brief explanation of the accounting treatment in relation to each journal entry