Reference no: EM132793493
Question - Purple Co Plc purchased a parcel of land 2 years ago at a cost of £700,000. Purple Co uses the revaluation method for its land assets. One year ago, the fair value of the land was £850,000. In the current period, the fair value is £600,000. What is the treatment of the change in value in each of the periods?
a. One year ago: £150,000 is recognised as revaluation surplus. The current period: £100,000 is recorded as a loss and £150,000 is debited to the revaluation surplus.
b. One year ago: £150,000 is debited to the revaluation surplus. The current period: £100,000 is credited to the revaluation surplus.
c. None of the answer choices are correct.
d. One year ago: £150,000 is written off to the revaluation surplus. The current period: £250,000 revenue is recognised.
e. One year ago: £150,000 is recognised as revaluation surplus. The current period: £250,000 is recorded as a loss.
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