Revaluation of assets LO5, 6 On 30 June 2019, the statement of financial position of Kookaburra Ltd showed the following noncurrent assets after charging

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Revaluation of assets  LO5, 6 On 30 June 2019, the statement of financial position of Kookaburra Ltd showed the following non‐current assets after charging depreciation. Building $ 300 000 Accumulated depreciation (100 000) $200 000 Motor vehicle 120 000 Accumulated depreciation (40 000) 80 000 The company has adopted fair value for the valuation of non‐current assets. This has resulted in the recognition in previous periods of an asset revaluation surplus for the building of $14 000. On 30 June 2019, an independent valuer assessed the fair value of the building to be $160 000 and the vehicle to be $90 000. Required 1. Prepare any necessary entries to revalue the building and the vehicle as at 30 June 2019. 2. Assume that the building and vehicle had remaining useful lives of 25 years and 4 years respectively, with zero residual value. Prepare entries to record depreciation expense for the year ended 30 June 2020 using the straight‐line method.