At 1 April 2014, Tilly owned a property with a carrying amount of $800,000 which had a remaining estimated life
of 16 years.

The property had not been revalued.

On 1 October 2014, Tilly decided to sell the property and correctly classified it as being ‘held-for-sale’.

A property agent reported that the property’s fair value less costs to sell at 1 October 2014 was expected to be $790,500 which had not changed at 31 March 2015.

What should be the carrying amount of the property in Tilly’s statement of financial position as at 31 March
2015?

A     $775,000
B     $790,500
C     $765,000
D     $750,000