The correct answers are:

• The carrying amount of a non-current asset is the cost or valuation of that asset less accumulated depreciation

• IAS 16 Property, plant and equipment permits entities to make a transfer from the revaluation surplus to retained earnings for excess depreciation on revalued assets

IAS 16 Property, plant and equipment does not require the purchase date of each asset to be disclosed. The carrying amount of an asset = cost/valuation - accumulated depreciation. The useful life of an asset is determined upon acquisition and should be reviewed at least annually and depreciation rates adjusted for the current and future periods if expectations vary significantly from the original estimates. When an asset is revalued, IAS 16 Property, plant and equipment permits entities to make a transfer from the revaluation surplus to retained earnings of the excess depreciation arising due to the revaluation.