On 1 January 2005, Charles Company purchase a freehold land and building for GH ¢800,000. [Land GH ¢ 240,000, Buildings GH ¢ 560,000]. The building was expected to have economic useful life of 40...

On 1 January 2005, Charles Company purchase a freehold land and building for GH ¢800,000. [Land GH ¢ 240,000, Buildings GH ¢ 560,000]. The building was expected to have economic useful life of 40 years and depreciation of the land is ignored. On 1 October 2008,
the land was revalued at GH ¢ 300,000 and the building GH ¢ 580,000.

Required
Show the relevant entries in the Income Statement for the year ended 31 December 2008
and Statement of Financial Position as at 31 December 2008 together with relevant extract
from the PPE Schedule.