d. Present the assets in the statement of financial position On January 1, 2017, Epitome Company acquired the following c. Prepare journal entry to record the piecemeal realization b. Prepare journal entry to record the depreciation for the property, plant and equipment: Cost Useful life 5,000,000 25,000,000 10,000,000 3,000,000 Land 25 Building Machinery Equipment 10 At the beginning of 2020, a revaluation of property, plant and equipment was made by professionally qualified valuers. While no change in the useful life of the assets was indicated, it was ascertained that replacement cost of the assets had increased by the following percentage: Land 100% 80% Building Machinery Equipment 50% 40% It was authorized that such revaluation be recorded in the accounts and that depreciation be recorded on the basis of revalued amount. Required: a. Prepare journal entry to record the revaluation on January 1, 2020. b. Prepare journal entry to record the depreciation for tue current year. of the revaluation surplus. on December 31, 2020.