1) Kanga Cairns Ltd owns two blocks of beachfront land, acquired in 2015 for the purposes of future residential development. Block A cost $243,000 and Block B cost $369,500.

Valuations of the blocks are undertaken by an independent valuer on 30 June 2017 and 30 June 2019. The assessed values are:

2017 valuation($) 2019 valuation($)

Block A 223,250 308,950

Block B 389,250 349,250

REQUIRED

Assuming asset revaluations were undertaken for the land in both 2017 and 2019, provide the journal entries for both years.