A company commissioned a valuation of its land and buildings for inclusion in its financial statements. The valuation document contained the following details:
$m Reconstruction cost 10 Open market valuation 14 Existing use valuation 12 Expected selling costs 0.2
The company's internal calculations indicate a value in use for the property of $16 million.
Determine the value at which the property should be recognised in the financial statements if the company uses the revaluation model.