The following information relates to three companies that use the revaluation model in relation to intangible assets and prepare annual financial statements to 31 December:

a) Company W acquired an intangible asset for 500,000 on 31 December 2018. This asset was revalued at 450,000 on 31 December 2019 and at 540,000 on 31 December 2020.

b) Company X disposed of an intangible asset on 31 December 2020. This asset had been acquired some years previously at a cost of 200,000 and had a carrying amount of 320,000 on the date of disposal. Disposal proceeds were 390,000.

c) Company Y acquired an intangible asset for 160,000 on 31 December 2018. This asset was revalued at 180,000 on 31 December 2019 and at 130,000 on 31 December 2020.

Required

1 Explain how each of the above matters should be dealt with in the financial statements of the company concerned.