On 31 December 20X8 one of Pattinson Co's properties met the criteria to be classified as held for sale. The property was measured under the revaluation model; its fair value at 31 December 20X7 was $25million. The depreciation charge for the year ended 31 December 2X8 was $500,000 and the carrying amount of the property at 31 December 20X8 was $24.5 million. At 31 December 20X8 the property had a fair value of $27 million. Selling costs are 4% of of fair value. What net amount is recognised in Pattinson Co's profit or loss in the year ended 31 December 20X8 in respect of the property?

$500,000 expense

$1,080,000 expense

$1,580,000 expense

$920,000 gain