Please answer the questions 7.16, 7.17 and 7.18 with your detailed explanations, it's much appreciated!

7.16 The following information relates to questions 7.16 and 7.17. Gusna Co purchased a building on 31 December 20X1 for $750,000. At the date of acquisition, the useful life of the building was estimated to be 25 years and depreciation is calculated using the straight line method. At 31 December 206, an independent valuer valued the building at $1,000,000 and the revaluation was recognised in the financial statements. Gusna's accounting policies state that excess depreciation arising on revaluation of non-current assets can be transferred from the revaluation surplus to retained earnings. What is the depreciation charge on the building for the year ended 31 December 207? $40,000$50,000$30,000$42,500 (2 marks) 7.17 Identify the correct debit/credit entries to record the transfer of excess depreciation. Retained earnings $20,000 - Revaluation surplus $20,000 Revaluation surplus $12,500 Retained earnings $12,500 Pull down list - Both - Credit entry - Debit entry - Neither (2 marks) 18 Which of the following should be disclosed for tangible non-current assets according to IAS 16 Property, Plant and Equipment? (1) Depreciation methods used and the total depreciation allocated for the period (2) A reconciliation of the carrying amount of non-current assets at the beginning and end of the period (3) For revalued assets, whether an independent valuer was involved in the valuation (4) For revalued assets, the effective date of the revaluation 2 and 4 only 1 and 2 only 1,2,3 and 4 3 and 4 only (2 marks)