The following scenario refers to questions 20-23 Colander Co is preparing its financial statements for the year ended 31 December 2018 and has a number of issues to deal with regarding non-current assets. (1) Colander has suffered an impairment loss of 90,000 to one of its cash-generating units. The carrying amounts of the assets in the cash-generating unit prior to adjusting for impairment are: '000 Goodwill 60 100 Land and buildings Plant and machinery 50 Net current assets 10 (2) During the year to 31 December 2018 Colander Co acquired Sieve Co for 10 million, its tangible assets being valued at 7 million and goodwill on acquisition being 3 million. Assets with a carrying amount of 2.5 million were subsequently destroyed. Colander has carried out an impairment review and has established that Sieve Co could be sold for 6 million, while its value in use is 5.5 million. (3) Colander Co owns property originally costing 100,000 with a 50-year useful life. It has accumulated depreciation to date of 20,000. The asset will be revalued to 130,000 at 31 December 2018. Question: Which of the following effects will the revaluation in (3) above have on Colander's financial statements? (The property is used for administrative purposes and has not been revalued before). There will be a gain on revaluation of 50,000 increasing the profit for the year There will be a gain on revaluation of 30,000 increasing the profit for the year Oo oo There will be a gain on revaluation of 30,000 shown under other comprehensive income There will be a gain on revaluation of 50,000 shown under other comprehensive income