2. MTN Ghana Ltd. acquired a brand-new property (land and buildings) on 1st January, 2016 for GHC40 million (including GHC15 million in respect of the land). The asset was revalued on the 31st of December, 2017 to GHC43 million (including GHC16.6 million in respect of the land). The buildings element was depreciated over a 50-year useful life to a zero-residual value. The useful life and residual value did not subsequently need revision. On the 31st of December, 2018 the property was revalued downwards to GHC35 million as a result of the recession (including GHC14 million in respect of the land). The company makes a transfer from revaluation surplus to retained earnings in respect of realized profit. Required: 1, Determine the amounts that should be recognized in profit or loss and other comprehensive income for the years ended 31 December 2017 and 31 December 2018. Explain the reasons for your treatment of the two revaluations that occurred in 2017 and 2018 in the financial statements. 3. Assuming IASB board is considering amendment to the IAS 16: Property, Plant and Equipment, what changes will you suggest to IASB board based on what you have learnt so far about the standard