Revalued assets and inventory write-downs   LO3, 6, 7 On 15 July 2019, Margot Ltd, an Australian company that has A$ as its functional currency, acquires land in Paris, France, for a cash consideration of €500 000. On 1 January 2020, Margot Ltd acquires inventories on credit for €75000. Subsequently at 30 June 2020, Margot Ltd revalues the land to its fair value of €700 000. The inventories are still on hand at 30 June 2020 and have a net realisable value of €70000. On 1 August 2020, Margot Ltd pays in full the inventories purchased. Relevant exchange rates are as follows. 15 July 2019 A$1 = €0.80 1 Jan. 2020 A$1 = €0.75 30 June 2020 A$1 = €0.77 1 Aug. 2020 A$1 = €0.78 Required In accordance with AASB 121/IAS 21, prepare the necessary entries for Margot Ltd up until and including 1 August 2020.