Question 1 Sports Wear Ltd (SWL) purchased a freehold property on 1 January 2016 for $50,000,000. The property is used as its head office. The year ended date of its financial statements is 31 December. SWL prepares financial statements on an annual basis. SWL has adopted revaluation model for its land and building. The land and building of this head office were revalued twice, since its initial purchase date, at 31 December 2016 and 31 December 2017 respectively. The building was depreciated over a 40-year useful life since initial purchase. The revised remaining useful life of the building as at 1 January 2017 and 1 January 2018 was estimated to be 35 years and 40 years respectively. Sports Wear Ltd opts to make an annual transfer between the revaluation surplus and retained earnings. The property was disposed on 31 December 2018 for $44,000,000. Land Building Original cost as at 1 January 2016 32,000,000 18,000,000 Valuation as at 31 December 2016 40,000,000 22,400,000 1 January 2017, estimated remaining useful life was revised to 35 years Valuation as at 31 December 2017 25,000,000 13,708,800 1 January 2018, estimated remaining useful life was revised to 40 years Disposal of property as at 31 December 2018 for $44,000,000 Required: Prepare journal entries for the land and building for the years ended 31 December 2016 - 2018. (28 marks) Accounts: Accumulated Depreciation-Building, Building, Cash, Depreciation Building, Gain/Loss on Disposal of Land and Building, Land, Revaluation Surplus-Building, Revaluation Surplus-Land, Revaluation Deficit -Building, Revaluation Deficit-Land, Reversal of revaluation surplus Building, Reversal of revaluation surplus-Land, Retained Earnings, Revaluation Reserve Building, Revaluation Reserve Land

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