22. State whether the following assets may be revalued. Prepare journal entries for any revaluations permitted by accounting standards (you can ignore taxation effects). Assume that each item listed below represents a separate class of assets. (a) A company has developed a masthead for its newspaper to the point where it is a very valuable asset. Although the masthead is not currently recognised, management believes it could be sold for at least $3 million. (b) A company purchased a publishing title two years ago for $1.2 million when another publisher went into liquidation. The book has been very successful, and management believes that it could probably sell for $1.5 million if they ever put it on the market. (c) A company acquired a franchise for an ice-cream stand at a beach at a cost of $100 000. There is great demand for this type of franchise as evidenced by recent sales of equivalent franchises at other beaches. The current market price for such a franchise is $200 000. (d) A company has deferred development costs of $520 000 and the estimated recoverable amount for the development project is $860 000. LO 8.2, 8.3, 8.4, 8.5, 8.7.