Question 2 2A) CPL, a manufacturing company, purchases a property for $1M on January 2001 for its investment potential. The land element of the cost is believed to be $400,000 and the building element is expected to have a useful life of 50years. At December 31, 2001, local property indices suggest that fair value of the property has risen to $1.1 M. Required: Show how the property would be presented in the Financial Statements at December 31, 2001 if CPL adopts: (10 marks) a) The cost model b) The fair value model