Chatton Wooler-Scots Chemical has chemical formula patents that it has purchased. Chatton Wooler-Scots uses the revaluation method of intangible asset valuation. The patents were revalued at the end of the first year and the carrying amount of the patents decreased by ₤5 million. At the end of year two, the carrying value of the patents increased ₤3 million. During year three, the carrying value of the patents decreased by ₤4 million. At the end of year four, the carrying value of the patents increased by ₤10 million. Ignoring amortization, what is the balance of the revaluation surplus account and the amount of profit/loss recognized each year?
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