The following details were extracted from the accounting records of Concord Limited as at 1/7/2017: Items of Non- Current Assets Land 10 storey Building Vehicles Accumulated Depreciation Vehicles Revaluation surplus $ 8,000,000 13,000,000 350,000 80,000 2,000,000 Depreciation of non-current assets is calculated using the following basis: Land 10 Storey Building Vehicles No depreciation 2% straight-line 10% reducing balance Vehicles are used for transporting goods from suppliers. An old vehicle with a book value of $30,000 (original historical cost) and accumulated depreciation of $15,000 as at 1/7/2017 was traded-in at a value of $10,000 for the purchase of a new vehicle on 1/7/2017. The purchase price of the new vehicle was $55,000. The balance of the purchase price was settled in cash. The following information relating to the revaluation and impairment of the non-current assets was gathered on 30/6/2018: Land 10 Storey Building Vehicles Market value 12,000,000 Fair value less cost to sell Value in use 13,800,000 270,000 260,000 The financial year end of Concord Limited is 30th June.