Mudbay Marinas plc purchased land for £300,000 to build a boat storage. By the end of the fiscal year on 30 June 2017, the land's fair market value increased to £480,000 and the land was revalued accordingly. At the end of the next fiscal year on 30 June 2018, the land was revalued to £160,000.

a) Provide the journal entries to record the revaluations on 30 June 2017 and 30 June 2018.

b) For the year ending 30 June 2018, what is the impact (in £) of the revaluation on net income and total comprehensive income?