Question #4 - IAS 40 Investment Properties < CLand Limited ("CLL") owns the following two buildings in Hong Kong: < < < Usage Date of acquisition < Building A Warehouse < Building B Earning rental income < 1 January 2014 < 1 January 2019 $20 million < Fair value of the building at 31 December 2021 < Cost of building < $28 million < $18 million < $22 million < CLL has accounted for (i) property, plant and equipment at cost basis and depreciated the cost with an estimated useful life of 30 years and (ii) investment property using the fair value model. < < Required: < Classify the two buildings under the relevant financial reporting standards and calculate the respective amounts to be recognised on the statement of financial position as at 31 December 2021 by completing the following table. Show your workings clearly. < < Answers < As at 31 December 2021 < < Classification < (specify the relevant accounting standard) < Amounts recognized on the Statement of Financial Position < Building A Building B