X Ltd owns the following properties at 1st April 2014. Dublin Property : An office building used by x Ltd for administration purposes with a historical cost of 3million. At 1st of April 2014 it had a remaining life of 20 years. Depreciation is time apportioned. After a reorganisation on the 1st of October 2014, the property was let to a third (3rd) party and reclassified as an investment property applying xs policy of the fair value model An independent valuer assesses the property to have a fair value of 3.4 million at 30th of September 2014. After the reclassification to an investment property it had risen to 3.5 million at 31st March 2015. Cork Propery: Another office