REQUIRED: Disclose the information below in the following notes that will accompany the financial statements of Tango Limited for the year ended 31 December 20X7, in accordance with International Financial Reporting Standards (IFRS): Investment property Profit before tax NOTE: Comparative amounts are not required Assume all amounts are material in nature and/or size. Ignore tax implications Round all amounts to the nearest Rand Show all calculations and make use of cross-references. INFORMATION: On 1 January 20x7. Bob LIMITED acquired a property with the following details: R Purchase price: Land: Stand 484, Marlboro 900 000 Office building thereon 2 000 000 Repairs and maintenance incurred for the year 60 000 Approximately 5% of the floor space is used as the administrative head office of the company while the remainder of the building is leased in terms of a non- cancellable lease contract to a financial institution at a monthly rental of R40 000 for a period of ten years commencing on 1 January 20X7. The property (land and office building) can only be sold as one complete unit. The portion of the building that is used for administrative purposes (5%) is considered to be insignificant According to the accounting policy of Tango Limited, investment property is measured using the fair value model as per IAS 40. Investment Property. On 31 December 20X7, the financial year-end, the above property was valued by an independent valuator who holds a recognised and relevant professional qualification and has recent experience in the location and category of the property being valued. The valuator determined the fair value of the property based on current prices in an active market for similar property in the same location and condition and subject to similar lease and other contracts. The fair value was determined as follows: Land Building R 1 000 000 3 000 000