... GH¢60,000 and buildings GH¢140,000). While there is no depreciation on land, however the company uses 5% reducing balance method on building. On 1st January 2016 the land was revalued to GH¢75,000 and the buildings to GH¢135,000. Depreciation on buildings is computed at 5% reducing balance. The financial statements are prepared on a yearly basis.
Calculate the revaluation reserve for the year ended 31st December, 2016