You have been provided with the following information regarding Jaffa plc (Jaffa), a Palestinian company listed on the Palestine Exchange. 1. Jaffa owns a $2 million property that it purchased on January 1, 2015. At the time of purchase, the land component of the property was valued at $0.6 million. On January 1, 2015, the useful economic life of the building on this property was projected to be 20 years. The property was used as the corporate headquarters for two years. The company relocated its headquarters to a new facility on January 1, 2017, and leased the entire property to an unrelated tenant on an arms-length arrangement for five years in order to generate rental income and future capital growth. The property was worth $2.16 million (land component $1 million) on January 1, 2017, and $2.5 million (land component $1.1 million) on December 31, 2017. Throughout the period, the estimation of useful economic life remained unchanged. The directors of Jaffa regard land and buildings to be separate assets. Jaffa applies the revaluation model of IAS 16 Property, Plant, and Equipment as well as the fair value model of IAS 40 Investment Property. As permitted by IFRS 9 Financial Instruments, Jaffa chooses to report any fair value gains or losses on its equity investments in 'other comprehensive income.' 2. Jaffa has an equity investment portfolio, the value of which was appropriately recorded at $6 million on January 1, 2017. The corporation received $0.375 million in dividends during the fiscal year ending December 31, 2017. Additional equity investments were obtained for $0.8 million. During the year, shares were sold for a total of $0.55 million. These shares cost $0.2 million a few years ago but were worth $0.45 million on January 1, 2017. On December 31, 2017, the fair value of the financial assets held was $7 million. Required: In each case (a) and (b) above, outline briefly the appropriate accounting treatment and show the journal entries in the financial statements of Jaffa plc (Jaffa) for year ended 31 December 2017, resulting from recording the events described. Any entry affecting the performance statement must be clearly classified as either 'profit or loss or "other comprehensive income'. Jaffa adopts the revaluation model of IAS 16 Property, Plant & Equipment and the fair value model of IAS 40 Investment Property.