The company acquired a property on 1 November 20X4 which it intended to sell. The property was obtained as a result of a default on a loan agreement by a third party and was valued at $20 million on that date for accounting purposes which exactly offset the defaulted loan. The property is in a state of disrepair and Ryder intends to complete the repairs before it sells the property. The repairs were completed on 30 November 20X5. The property was sold after costs for $27 million on 9 December 20X5. The property was classified as 'held for sale' at the year end under IFRS 5 Non-current assets held for sale and discontinued operations but shown at the net sale proceeds of $27 million. Property is depreciated at 5% per annum on the straight-line basis and no depreciation has been charged in the year.
uHow the above item should be dealt with in the financial statements of Ryder for the year ended 31 Oct 2005?