KK owns the following properties as at 31st December 2017: Property: Fair value Land with future use undetermined GH¢ 3,200,000 Factory rented to KK's subsidiary under an operating lease 2,400,000 10...

Extracted text: KK owns the following properties as at 31st December 2017: Property: Fair value Land with future use undetermined GH¢ 3,200,000 Factory rented to KK's subsidiary under an operating lease 2,400,000 10 floor office building (fair value is equal per floor) with 3 floors used as the subsidiary's head office and seven floors rented to third parties under an operating lease. 15,000,000 Empty building held for capital appreciation, but not leased out. 4,100,000 KK's accounting policy is to hold its investment properties under the fair value model and its land and buildings under the revaluation model. Required: In accordance with IAS 40 Investment Property calculate the carrying amount to be recognized as investment property in KK's consolidated financial statements as at 31 December 2017. 1