[Almxzzz]

An entity revalued its land and buildings at the start of the year to $60 million ($15 million for the land). The property cost $30 million ($6 million for the land) ten years prior to the revaluation. The total expected useful life of 40 years remained unchanged. The entity’s policy is to make an annual transfer of realised amounts to retained earnings.

Show the effects of the above on the financial statements for the

year.

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