Rome Manufacturing acquired land at a cost of US$300,000 five years ago. A decision has been made to revalue the land to its current market value of US$450,000. The tax rate applicable to Rome is 20%. Identify the two appropriate accounting entries and amounts for recognising deferred tax on this transaction. Dr Income tax expense Dr Other comprehensive income (revaluation surplus) Dr Deferred tax liability Cr Income tax expense Cr Other comprehensive income (revaluation surplus) Cr Deferred tax liability