3. On 1 January 2015, ABC Company purchased a freehold land and building for GHC800, 000. [Land GHC240,000, Buildings GH

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3 On 1 January 2015 Abc Company Purchased A Freehold Land And Building For Ghc800 000 Land Ghc240 000 Buildings Gh 1 (20.21 KiB) Viewed 41 times

3. On 1 January 2015, ABC Company purchased a freehold land and building for GHC800, 000. [Land GHC240,000, Buildings GHC560, 000). The building was expected to have economic useful life of 40 years and depreciation of the land is ignored. On 1 October 2018, the land was revalued at GHC300,000 and the building at GHC580,000 Required Show the relevant entries in the Income statement for the year ended 31 December 2018 and Statement of financial position as at 31 December 2018 together with relevant extract from the PPE Schedule