QUESTION 2 (PROPERTY, PLANT AND EQUIPMENT)

Collins Ltd revalues its building and decides to incorporate the evaluation into the financial statements. The following information is relevant:

Extract from the statement of financial position at 31^st December 2020

			GH
Building at cost			30,000
Accumulated Depreciation			9,000
			21,000

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

The building is revalued at 30^th June 2021 at GH 27,600. There is no change in the remaining estimated future life.

You are required to

Show the relevant extracts from the financial statements at 31^st December 2021.