Question 1

Focus Eye Bhd has adopted the revaluation model and the following information is related to its freehold land.

	Cost as at 31 Dec 2015	Fair value as at 31 Dec 2015	Fair Value as at 31 Dec 2016
Freehold land X	RM1,000,000	RM1,200,000	RM900,000
Freehold Land Y	RM1,100,000	RM800,000	RM1,200,000

Required:

1. Show the journal entries to record the surplus or deficit on revaluation for the year ended 31 December 2015 and 2016.
2. Show the extract of the statement of profit or loss and other comprehensive income for the year ended 31 December 2015 and 2016.