Below are extracts from the financial reports of Wollowiec Traders Ltd for the years ended 30 June 2025 and 30 June 2026.

Additional information 1. The revaluation surplus at 30 June 2025 was raised entirely as the result of a previous revaluation increase in relation to the land.
2. No land or buildings were acquired or disposed of during the year ended 30 June 2026.
3. A revaluation of the land and buildings was carried out on 30 June 2026 after all adjusting entries had been entered and posted. The revaluation adjustment was entered into the accounts on 30 June 2026, and the statement of financial position at that date reflects the fair values in accordance with the revaluation.
4. After the revaluation, the building was reassessed to have a residual value of \($38\) 000 and a remaining useful life of 15 years. The building is to be depreciated using the straight-line method of depreciation.
5. The land and buildings were sold on 31 December 2026. A lump sum of \($850\) 000 was received. The proceeds were allocated to the land and buildings at \($600\) 000 and \($250\) 000 respectively. Ignore GST.
Required

(a) Calculate the balance of the Accumulated Depreciation – Building account immediately before the revaluation on 30 June 2026.

(b) Prepare the general journal entries to record:
i. the revaluation of the building on 30 June 2026 ii. the revaluation of the land on 30 June 2026 iii. the disposal of the land on 31 December 2026 iv. the disposal of the building on 31 December 2026.

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WOLLOWIEC TRADERS LTD Statement of Financial Position (extract) as at 30 June 2025 NON-CURRENT ASSETS Land Building Less: Accumulated depreciation TOTAL NON-CURRENT ASSETS EQUITY Revaluation surplus Capital at 1 July 2024 Add: Profit for year Capital at 30 June 2025 TOTAL EQUITY $ 720 000 $ 450 000 120 000 330 000 $ 1 050 000 180 000 140 000 37 000 177 000 357 000 WOLLOWIEC TRADERS LTD Statement of Financial Position (extract) as at 30 June 2026 NON-CURRENT ASSETS Land Building TOTAL NON-CURRENT ASSETS EQUITY Revaluation surplus Capital at 1 July 2025 Add: Profit for year Capital at 30 June 2026 TOTAL EQUITY $ 630 000 280 000 $ 910 000 90 000 $ 177 000 20 000 197 000 287 000