Ganges plc purchased a new building on 1st January 2013 for 2,800,000. The building was estimated to have a useful economic life of 25 years and was depreciated on a straight line basis assuming no residual value. On the 31st December 2017, the property was revalued to 2,620,000. It was not necessary to extend the original assessment of useful economic life. Ganges plc has opted to make the transfer between the revaluation account and retained earnings during the lifetime of the asset On the 31st December 2017 the property was damaged and an impairment review was carried out. An external valuer advised that the property had a fair value less selling costs of 1,850,000. The management accountant has calculated the net future cash inflows the property would generate would be 485,100 per year for the next 5 years. The 5 year annuity factor for the market rate of interest is 4.329. Requirements a. Show the movements on the carrying value of the property from 1st January 2013 to 31st December 2020. (4 marks) b. Show the movements on the revaluation reserve from 31st December 2017 to 31st December 2020. (4 marks) c. Briefly explain why a company might choose to make the annual transfer between reserves when it revalues an asset. (2 marks)