TN Ghana Ltd acquired land and building on 1st January 2016 for 40million(including 15million in respect of the land). The asset was revalued on the 31st/12/2017 to 43million(including 16.6million) in respect of the land. The buildings was depreciated over a 50 year useful life to a zero residual value. The useful life and residual value did not subsequently need revision. On the 31/12/2018, the property was revalued downwards to 35 million as a result of recession (including 14million) in respect of the land. The company makes a transfer from revaluation surplus to retained earnings in respect of realised profit. 1. Determine the profits that should be recognized in profit/loss and other comprehensive income for the years ended 31/12/2017 and 31/12/2018 2. Comprehensive income for the years

Walsh company manufactures and sells one product. the following information pertains to each of the company’s first two years of operations: variable costs per unit: manufacturing: direct materials $ 25 direct labor $ 12 variable manufacturing overhead $ 5 variable selling and administrative $ 4 fixed costs per year: fixed manufacturing overhead $ 400,000 fixed selling and administrative expenses $ 60,000 during its first year of operations, walsh produced 50,000 units and sold 40,000 units. during its second year of operations, it produced 40,000 units and sold 50,000 units. the selling price of the company’s product is $83 per unit. required: 1. assume the company uses variable costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 2. assume the company uses absorption costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 3. reconcile the difference between variable costing and absorption costing net operating income in year 1.