X Limited has the following statement of financial position:

Two of the company’s assets were revalued for the first time during the year, one giving rise to a surplus of €100,000, the other a deficit of €30,000.
Requirement What are the profits available for distribution and how would the figure differ if all the company’s assets had been revalued?

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000 320 Net Assets Share capital Share premium Revaluation surplus Retained earnings 100 50 90 80 320