kindly help with question 1 and 2

1. The directors of Nancy Ltd believe that the non-current assets of the company are undervalued. They have received a professional valuation of the land and buildings which shows that these are worth more than is stated in the latest financial statements. The land and buildings have current market value of P641,000 and P558, 000 respectively. The land and buildings currently have amounts of P431,000 and P328,000 respectively. Prepare brief notes for the directors of Nancy Ltd to answer the following questions in accordance with IAS 16 property, plant and equipment (a) can we show the land and buildings at valuation rather than cost? (5) (b) if we did so, how would the valuation of the land and buildings be reflected in the financial statements? (10) (c) How often we would have to revalue our land and buildings? (5) (d) if we revalue our land and buildings, must we still charge depreciation? (5) 2. On 1 January 2016, Tinky Ltd bought buildings for P540,000. At that date it was decided that the buildings had a useful life of 50 years. On January 2018 . It was decided to revalue the buildings to its open market value of P600,000. On 31 December 2019 , the property was sold for P620,000. No depreciation is charged in the year of disposal. Prepare a journal for the revaluation of the property on 1 January 2018 . (10 marks) calculate profit or loss on the disposal of the property