MYG Bhd owns several properties and has a year end of 31 December. Wherever possible, MYG Bhd carries investment properties under the fair value model. Property One was acquired on 1 January 2010. It had a cost of RM1 million, comprising RM500,000 for land and RM500,000 for buildings. The buildings have a useful life of 40 years. MYG Bhd uses this property as its head office. Property Two was acquired many years ago for RM1.5 million for its investment potential. On 31 December 2016, it had a fair value of RM2.3 million. By 31 December 2017, its fair value had risen to RM2.7 million. This property has a useful life of 40 years. Property Three was acquired on 30 June 2011 for RM2 million for its investment potential. The director believes that the fair value of this property was RM3 million on 31 December 2016 and RM3.5 million on 31 December 2017. However, due to the specialized nature of this property, these figures cannot be verified. This property has a useful life of 50 years. (a) For each of the above properties, briefly explain how MYG Bhd would treat the properties in its financial statements for the year ended 31 December 2017 in accordance with MFRS140 Investment Property. (b) If an entity adopts the fair value model, discuss the accounting treatment of the following based on MFRS140: i. ii. iii. Transfer from investment property to owner occupied property Transfer from owner occupied property to investment property Transfer from inventory to investment property