Q2. A property costing $750,000 was purchased on 1 January 2004 and is being depreciated over its useful life of 10 years. It has no residual value. At 31 December 20x4 the property was valued at $810,000. The company has policy to transfer increment depreciation to retain earning. There was no change to its useful life. On 31 December 20X6 the property was sold for $900,000. Required: (1) Prepare Fixed asset (Cost) Accumulated depreciation and revaluation reserve Account at the time of revaluation and Disposal. What is the profit or loss on disposal? (2) In light of IAS-16, how Revaluation model differs from Cost model