Revaluation of noncurrent assets Peregrine Ltd had the following noncurrent assets on its balance sheet at 30 June 2023:

$ $

Land 320 000 Plant and equipment 150 000 Less: Accumulated depreciation (15 000) 135 000 455 000 On 1 July 2023, the land was revalued to $450 000, and the plant and equipment was revalued to

$120 000. One year later, on 1 July 2024, the recoverable amount of the plant and equipment was determined to be $150 000, and it was revalued accordingly. Depreciation for all relevant items is on a straight-line basis, over a 10-year period with no residual value.

1 Prepare journal entries to record the revaluation of the land on 1 July 2023.

2 Prepare journal entries to record the revaluation of the plant and equipment on 1 July 2023.

3 Prepare journal entries to record the revaluation of the plant and equipment on 1 July 2024.

4 Assuming that there are no acquisitions or disposals of noncurrent assets, construct the noncurrent assets section of Kingfisher’s balance sheet as at 30 June 2025.