During the year ended 30 June 2021, a company's revaluation reserve increased from 300,000 to 380,000 as a result of a property revaluation. At the start of that financial year, the company's property had been valued at 810,000. Assuming that no property was disposed of during the year, which of the following statements is true?

Select one:

a.

The property's revalued amount was 1,310,000.

b.

The property's revalued amount was 1,190,000.

c.

The property's revalued amount was 380,000.

d.

The property's revalued amount was 890,000.

Which of the following would be an entry in the statement of changes in equity?

Select one:

a.

Taxation

b.

Long term loans

c.

Revaluation reserve

d.

Revaluation gain

Which of the following statements is likely to be true, for a company making profits?

Select one:

a.

The operating profit will be less than the profit for the year.

b.

The profit for the year will be greater than the gross profit.

c.

Retained profits at the year-end will be greater than retained profits at the beginning of the year.

d.

Retained profits at the year-end will be greater than shareholders' equity.