Pablo vacated an office building and let it out to a third party on 1st July 2020. The building had an original cost of $1,200,000 on 1 January 2015 and was being depreciated over 40 years. It was judged to have a fair value on 1st July 2020 of $950,000. At the year-end date of 31 December 2020, the fair value of the building was estimated at $840,000. Pablo uses the fair value model for investment property. Required i. What amount will be shown in revaluation surplus (deficit) at 31 December 2020 in respect of this building? ii. What amount will be credited or debited to profit or loss for the year ended 31st December 2020? State whether this amount is a profit or loss. 3|Page