2. The accountant for the cinema suggests to the owners Henri and Michelle to review accounting policy The accountant has strongly recommended to the owners that another revaluation of the cinema building will take place on 30 June 2021. The company has previously revalued the non-current asset cinema building. The following is the relevant Balance Sheet (Extract) as at 30 June 2020- Non-Current Asset Cinema Building $1,200,000 {$600,000) $600,000 Less Accumulated depreciation Shareholder's Equity: Revaluation Surplus $32,000- Accounting policy notes: The cinema building is depreciated at 5% of the cost (straight-line).- The company adopts the Revaluation Model (Net Method). A sworn valuation was conducted in June 2021 and as at 30 June 2021, the cinema building has a stated fair value (FV) of $500.000.- Required:- 1. Calculate the depreciation of the Cinema Building for the period commencing 1 July 2020 to 30 June 2021 + 2. Record the depreciation of the Cinema Building journal entry for the financial year from 1 July 2020 to 30 June 2021. No narration is required. 3. Determine the dollar value of the revaluation gain or revaluation loss for the Cinema Building at 30 June 2021. (3 marks) 4. Record the general journal entries to complete the revaluation of the Cinema Building at 30 June 2021. No narration is required