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Question 2 This is a two-part question. If you choose to answer this question, you must answer Q2.1 and 2.2. Read the case study below and answer the questions based on the case study. LDF Limited (LDF) is a company listed on the Johannesburg Securities Exchange (JSE). LDF IS a conglomerate with investments in multiple industries. You are the company secretary and have two members of staff assisting you. One of your junior members of staff attended the board of directors meeting in which the first draft of the financial statements was presented for the financial year ended 30 June 2020. Below is an extract of such financial statements and the junior's comments: LDF Limited Statement of Comprehensive Income for the year Note 2020 2019 Comments Revenue 1 1 000 900 No presentation currency given Cost of Sales 2 (350) (300) Depreciation 2 (100) (100) Amortisation 2 (80) (80) Function method used, so appropriate. CFO confirmed we use the function method. Selling Costs 2 (20) (16) Water and Utilities 2 (8) Profit before tax 2 442 397 | 3 (110) (87) Has to be incorrect as it is not 28% of profit before tax Profit for the year 332 310 Other Comprehensive Income Revaluation of Land - Gross 100 Should be other income Total Comprehensive Income for the 432 310 year LDF (Pty) Ltd Extract of the Statement of financial position for the year ended 30 June 2020 Assets Wotes 2020 2019 Comments Non-current assets No presentation currency given 13 10 000 Property, plant and equipment -cost 9 000 The carrying amount should be presented here and this information should be presented in the note. 13 Property, plant and equipment - accumulated depreciation Equity. Deferred Tax 15 CFO says this is correct as it relates to the revaluation 2.1 Critically evaluate the work performed by your junior member of staff. 2.2 Discuss, in your own words, what is meant by the revaluation of property, plant and equipment, why it occurs and whether it should be classified as an item of profit and loss