59
Straco Corporation Limited • Annual Report 2014
NOTES TO THE FINANCIAL STATEMENTS
5
Investment property
$
Cost
At 1 January 2013
–
Additions
–
At 31 December 2013
–
At 1 January 2014
–
Acquisition through business combination
50,000,000
At 31 December 2014
50,000,000
Accumulated depreciation
At 1 January 2013
–
Depreciation charge for the year
–
At 31 December 2013
–
At 1 January 2014
–
Depreciation charge for the year
117,096
At 31 December 2014
117,096
Carrying amounts
At 1 January 2013
–
At 31 December 2013
–
At 31 December 2014
49,882,904
The fair value of investment property was determined by an external, independent valuation company, having appropriate recognised professional
qualifications and recent experience in the location and category of property being valued. The fair value of the investment property at year end
approximates its fair value on initial recognition from the acquisition through business combination.
