4: Following balances have been extracted from the ledger of Titan Plc at 31 December 2020 Land and Building (Note 1) Valuation (1/1/2020) Dr Cr. 500,000 Accumulated depreciation (1/1/2020) 80,000 Plant and equipment (Note 1) Valuation (1/1/2020) 175,000 Accumulated depreciation at (1/1/2020): 70,000 Revaluation surplus (31/12/2020) (Note 1) 209,000 Retained earnings (31/12/2020) 256,450 Note 1 Titan Plc measures its PPE under the revaluation model. On 1 January 2020, the company's land and buildings were valued at 450,000 (Land value 100,000) and its plant and equipment were at 85,000. The valuation has not been reflected in the balances above. On 1 January 2020, the remaining useful lives of the buildings and plant and equipment were reassessed at 20 years and four years respectively. There were no unrecorded acquisitions to or disposals of PPE in the year ended 31 December 2020. The revaluation surplus at 31 December 2020, included 200,000 in respect of land and buildings with the remainder attributable to plant and equipment. Titan plc has a policy of making an annual transfer between the revaluation surplus and retained earnings wherever possible. Depreciation charges for the year ended 31 December 2020 on historical basis would have been 15,000 for plant and equipment and 10,000 for buildings