Kanga Cairns Ltd owns two blocks of beachfront land, acquired in 2019 for the purposes of future residential development. Block A cost $250 000 and Block B cost $350 000. Valuations of the blocks are undertaken by an independent valuer on 30 June 2021 and 30 June 2023. The assessed values are:

REQUIRED

Assuming asset revaluations were undertaken for the land in both 2021 and 2023, provide the journal entries for both years

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2021 valuation Block A 230 000 Block B 370 000 ($) 2023 valuation ($) 290 000 340 000