Company X prepares financial statements to 31 May each year. On 31 May 2015, the company acquired land for 400,000. This land was revalued at 450,000 on 31 May 2016, and at 375,000 on 31 May 2017. Explain how revaluation should be dealt with in the ?financial statements HTML. E E 2 What are the items recognised outside of profit or loss (to be included in other comprehensive ?income) HTML Ex? X, 12pt 1 ( 3 Under IAS 16, which two subsequent accounting treatments are allowed subsequently to initial ?recognition HTML: x? X = , AUS company, an exporter, sells merchandise to a customer in Germany on December 1, 2020, for 25000. A receipt is due on January 31, 2021, and the US Company prepares financial statements on December 31, 2020. At the transaction date (December 1, 2020), the spot rate for the immediate exchange of foreign currencies indicates that 1 is equivalent to $ 0.98 Assume that on December 31, 2020, the spot rate for euros is 1 = $.95 The following journal entry would be recorded as of :December 1, 2020