Question Joyce Limited purchased land and building on 1st January, 2 di2 for GHC200,000 (land GHC60, (Go and buildings GHC140,000) While there is no depreciation on land, powever the compapy. uses 5% reducing balance m4tiod on blilding. On 1 st January 2016 the land was revalued to GHC75,000 and the buildings to GHC135,000..penteciation on buifdings is computed at 4% reducing bolance. The financial statements are prepared on a yearly basis. Required: Calculate the revaluation reserve for the year ended 31 st December, 2016