Public entity Y acquired a property in 20X0 for a cost of $10 million. Y has adopted the allowable alternative included within IPSAS 17 'Property, Plant & Equipment', and revalues all of its property annually. On 15 December 20X1 Y enters into a binding sale agreement and title to the property passes to Medical Inc. for cash consideration of $25 million. The consideration is payable in March 20X2. The carrying value of the property at 15 December 20X1 was £22 million.

What amount, calculated in accordance with IPSAS 17, should be reported in surplus/deficit for Y for the years ending 31 December 20X1 and 31 December 20X2 in respect of the disposal?

20X1 = Nil, 20X2 = $3 million

20X1 = $3 million, 20X2 = $12 million

20X1 = $3 million, 20X2 = $Nil

20X1 = $15 million, 20X2 = $Nil