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Question - MTN Ghana Ltd. acquired a brand new property (land and buildings) on 1st January, 2016 for GH¢ 40 million (including GH¢ 15 million in respect of the land).The asset was revalued on the 31st of December, 2017 to GH¢ 43 million (including GH¢ 16.6 million in respect of the land). The buildings element was depreciated over a 50-year useful life to a zero residual value. The useful life and residual value did not subsequently need revision. On the 1st of December, 2018 the property was revalued downwards to GH¢ 35 million as a result of the recession (including GH¢ 14 million in respect of the land). The company makes a transfer from revaluation surplus to retained earnings in respect of realised profit.
Required -
i. Determine the amounts that should be recognised in profit or loss and other comprehensive income for the years ended 31st December 2017 and 31st December 2018.
ii. Explain the reasons for your treatment of the two revaluations that occurred in 2017 and 2018 in the financial statement?
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