On $1$ January $2018,$ Ka Chul Sdn Bhd $($KCSB$)$ purchased a property $($Property Shah Alam$)$ comprising freehold land and building costing RM$20$ million. The cost of the land was RM$10$ million. The building was used to operate its business. The estimated useful life of the building was $20$ years. KCSB adopted cost model.

On $1$ July $2020,$ KCSB ceased using the building to operate its business and began letting it out at market rental. The fair value of the land on $1$ July $2020$ was RM$11$ million and of the building RM$8$ million. The entity would adopt the fair value model to measure the investment property. On the same date, another property $($Property Bangsar$)$ was purchased to house their employees. Majority of the employees are highly skills expatriate in oil and gas industries. The expatriates are paying rental at RM$2,000$ which is $50\%$ below the market price. KCSB bought the property at RM$10$ million. The useful life of this property was $10$ years. In year $2020,$ professional valuer estimate the value to be RM$12$ million.

Required :

Discuss the accounting treatment of Property Shah Alam on $1$ January $2018,31$ December $2019$ and $1$ July $2020$ if KCSB had used the revaluation model. The fair value of the land and building was RM$9\mathrm{.}5$ million and RM$10\mathrm{.}8$ million as at $31$ December $2019.$ On $1$ July $2020,$ there is no change in value of land and building, still at RM$9\mathrm{.}5$ million and RM$10\mathrm{.}8$ million respectively.

$(25$ marks$)$