31. Endless Summer Ltd purchased two parcels of land (Bruce and Brown) for $2000000 each on 1 July 2020. Subsequent to initial measurement, Endless Summer revalued the land. Fair values are as follows: REQUIRED (a) Prepare journal entries to record the revaluations on 30 June 2021 and 30 June 2022. (b) The manager claims, 'There should be no adjustment for the decline in fair value because the recoverable amount of each parcel of land exceeds $2000000 at 30 June 2022'. Explain whether this is consistent with accounting standards