Ravane measures at fair value an investment property made up of 24 identical apartments. It begins developing the building with a view to selling the apartments (change in use evidenced, case data). On that date, fair value is 525,000 per apartment; the carrying amount at the last reporting date was 12,150,000. What is the deemed cost of the inventory?
- Fair value per apartment at the date of the change
- 525,000
- Carrying amount at the last reporting date
- 12,150,000