Question 9 A business disposed of property, consisting of freehold land and a building, during 2020 for 13m. The property was originally acquired back in 2015 for a combined cost of 15m, consisting of 2.5m for the freehold land and 12.5m for the building. The company uses the straight line depreciation method and applies a useful life of 50 years to buildings and zero residual value. A full year's worth of depreciation is charged in the year of purchase and no depreciation is charged in the year of sale. Calculate the profit or loss from the disposal of the property. Please specify in your answer if the amount shown is profit or loss, by adding the word profit or loss after the amount. (4 marks)