2 of 6 SECTION A Question 1: Joe is reviewing the accounting treatment of its buildings. The buildings had originally cost $10m on 1 June 20x4 and had a useful economic life of 15 years. They are being depreciated on a straight line basis to a nil residual value. On 31 May 20x7, the company decided to use the revaluation model. The buildings' fair value on that date was $12m. At 31 May 20X9, the value of the building had decreased to $5m. There was no change to its useful life. Required: Show how the transactions will be recorded for the years ended 31 May 20X7, 20X8 and 20X9. (15 marks)