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Show how Brookfield plc should reflect the transactions

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Question - Brookfield plc., which has a 31 December year end, has elected to use the revaluation model for its Property, Plant and Equipment (PPE). The company acquired some land for £10,000 on 1 January 20X1. On 31 December 20X2 the fair value of the land was determined to be £12,000. On 31 December 20X3 the fair value of the land was determined to be £ 8,500.

Show how Brookfield plc. should reflect the transactions related to this land in its financial statements for the years 20X2 and 20X3?

Reference no: EM133105006

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