Revaluation adjustments and reversals  LO6 The following data from Lyre Ltd’s accounts relates to two assets at 30 June 2018. Asset Value Accumulated depreciation Carrying amount Land $ 1 600 000 0 $1 600 000 Plant and equipment $ 200 000 $40 000 $ 160 000 At 30 June 2018 Lyre Ltd decides to adopt the revaluation model for both these assets. On this date land has a fair value of $1 500 000 and plant and equipment has a fair value of $220 000. On 30 June 2019 Lyre Ltd reviews the value of its assets. The fair value of land is reassessed as $1 550 000. Plant and equipment has no change in value on that date. Required Prepare the journal entries required to revalue the assets for the year ended 30 June 2018 and the year ended 30 June 2019.