Pharoah Corporation owns and manages a small 10-store shopping centre, which it classifies as an investment property. Pharoah has a May 31 year end and initially recognized the property at its acquisition cost of $10.8 million on June 2,2022 . The acquisition cost consisted of the purchase price of $10 million, costs to survey and transfer the property of $458,000, and legal fees to acquire the property of $342,000. Pharoah determines that approximately 25% of the shopping centre's value is attributable to the land, with the remainder attributable to the building. The following fair values are determined: Pharoah expects the shopping centre building to have a 35-year useful life and a residual value of $1.38 million. Pharoah uses the straight-line method for depreciation. How will the investment property be reported on each year-end statement of financial position