Question 8 Lucas has an accounting year end of 31 January 20X7. Property costing 100,000 and a useful life of 20 years was purchased on 1 February 20X1. The property was revalued to its market value of 120,000 on 31 January 20X6 with no changes to its remaining useful economic life. If Lucas elects to make the annual transfer for excess depreciation to retained earnings what amounts should be shown in the financial statements at 31 January 20X7? ABCD Property, plant and equipment 112,000 114,000 Revaluation reserve 45,000 44,000 120,000 45,000 112,000 42,000