Only answer question B and C

Question 4 (20 marks) On 1 January 2011, KKA Co purchased a property and used it as the company back office for administrative staff at a cost of $3,000,000. Due to a business restructure, on 30 June 2020, KKA Co decided to relocate all administrative staff to one of its production centres. On the same day, KKA Co rented out its head office to another company. KKA Co adopts the fair value model of accounting for investment property according to HKAS 40 Investment Properties and the revaluation model for property according to HKAS 16 Property, Plant and Equipment. The company has followed a policy of depreciating the property over 30 years using the straight-line method. At 31 December 2020, the property was valued at $4,000,000. Required: Calculate the gain or loss on revaluation of property. (6 marks) b Prepare journal entries for recording the relevant transactions for the year ended 31 December 2020. (7 marks) c Explain the subsequent measurement and accounting treatment of the property after 31 December 2020. (7 marks)