1. On 1 January 2016, Pinks 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)