7. Falcons Ltd acquired a property (Land and Building) for GHc 1 million on 1 January, 2003. The land element of the property was estimated at 40% of the property on the date of acquisition. The building was depreciated at 2.5% on cost with nil residual value. Falcon Ltd continued to depreciate the asset on the basis until 1 October 2014 when the property was revalued at GHc 883,750 and the policy of the company is to incorporate the revaluations in the books of account. The valuation expert attributed GHc 435,000 to land and the remainder to buildings. The remaining useful life of the property remained unchanged. Falcon Ltd's reporting date is 31st December. Required: Show the income statement extract and the statement of financial position extract as at 315 December 2014