a penalty of 5 000 or 50 of the income derived by the tax return preparer with respe 613531

Statement of comprehensive income and statement of changes in equity – revaluation of property, plant, and equipment

On Jan 01, 01, entity E acquires land for CU 10 which is held as property, plant, and equipment. On Dec 31, 01, the fair value of the land is CU 14. E sells the land on Aug 10, 02 for CU 14.

Required

Complete the same exercises as in Example 6A. Land is accounted for by E according to the revaluation model of IAS 16. E transfers revaluation surplus to retained earnings when the corresponding item of property, plant, and equipment is derecognized (IAS 16.41).