Write answers to the two questions below.

A company bought a plot of land where to build a new administrative building in January 2019. The company uses the revaluation model to account for land. The plot of land was bought for 500,000. On 31 December 2019 the land is revalued at 550,000.

1) State in which value, under which line items and in which financial statements to 31 December 2019 the effect of the revaluation will be reported? (NB! You have to mention all the financial statements and their line items that will be affected)

2) What would be reported differently if the land was not used for a new administrative building but had been bought in order to start leasing it out?