Tops Ltd. has decided to use the revaluation model for its factory building and the cost model for its manufacturing equipment. Tops Ltd also owns additional land that it does not occupy but holds as an investment. Assume that at the end of 2010, the market values of each asset exceeded its original cost. On its Balance Sheet, the company categorises its non-current assets into PP & E and Investment Property.
You have been assigned the task of analysing how the increases in market value for the factory building, manufacturing equipment, and land held as an investment would be shown in Tops Ltd's Balance Sheet and Statement of Comprehensive Income "SOCI". For the Balance Sheet, state which category of non-current asset is increased, if at all, and which specific liability or equity account is affected. For the effects in the SOCI, state if the increase will be included in Other Income, Other Comprehensive Income ("OCI"), profit, and/or Total Comprehensive Income ("TCI").