Kofi Jobs Ltd revalues its building and decides to incorporate the revaluation into the financial statements. The following information is relevant:

 

a) Extract from the statement of financial position at 31 December, 2020:

        

	GHS000
Building  at cost	60,000
Accumulated  depreciation	18,000
Carrying  amount	42,000

 

b) Depreciation has been provided at 2% per annum on a straight line.

 

c) The building is revalued at 30 June,2021 at GHS55,,200,000. There is no change in the remaining estimated future life.

 

Required:

Show the relevant extracts from the financial statements as 31 December, 2021