Red plc bought land for 1,000,000 Euros from a French company on 1 January 2020. Red plc paid for the land on 1 February 2020. Exchange rates are shown in the table below. Exchange Rates 1 January 2020 1 February 2020 1 EUR = 0.70 0.75 The land was re-valued on 31 December 2020 to 900,000 and the directors are unsure of the correct accounting treatment for the revaluation and deferred taxation effects in the financial statements for the year ended 31 December 2020. The rate of income taxation is 30%. Required: e) Advise the directors of the correct accounting treatment for the purchase of the property, the revaluation and the deferred taxation effect in the financial statements for the year ended 31 December 2020. Prepare the accounting entries and the extracts to the financial statements for the year ended 31 December 2020. [14 marks] Total 30 marksl