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An entity purchased an investment property on 1 January 20X3 for a cost of $3.5 million. On 1 January 20x6 the property had an estimated useful life of 50 years,with no residual value and at 31 December 20X5 had a fair value of $4.2 million. On 1 January 20X6 the property was sold for net proceeds of $4 million. Calculate the profit or loss on disposal under both cost and fair value model. Cost: $ million; FV $ million