Questions: 1 Marks 8 Sarfraz Limited (SL) uses fair value accounting where possible and has an office building used by SL for administrative purposes. At 1 April 2012 it had a carrying amount of Rs. 20 million and a remaining life of 20 years. On 1 October 2012, the property was let to a third party and reclassified as an investment property. The property had a fair value of Rs. 23 million at 1 October 2012, and Rs. 23.4 million at 31 March 2013 What is the correct treatment when the above property is reclassified as an investment property? Questions: 2 Marks 6 Cool Limited acquired a building with a 40-year life for its investment potential for Rs. 8 million on 1 January 2013. At 31 December 2013, the fair value of the property was estimated at Rs. 9 million with costs to sell estimated at Rs. 200,000. If Cool Limited uses the fair value model for investment properties, what gain should be recorded in the statement of profit or loss for the year ended 31 December 2013