(a) Fuling Ltd has several properties on its books. During the year ended 30 June 2021, the events detailed below took place. (i) Property A was acquired on 1 July 2015 for $1,600,000 for use as company offices. The buildings element of the property was estimated at 90% of the purchase price (the balance consisted of land) and this was assigned a 50 year useful economic life from the date of purchase. On 1 July 2020 an independent valuation was obtained and the property was revalued to $1,800,000 including land, this being assigned a value of $300,000. The total useful economic life of the building was assessed to be unchanged from the date of acquisition. (ii) Property B was acquired in March 2020 at an auction of distressed properties. This B property is a block of land, which was bought for investment potential. The cost was $750,000. No revaluation took place on 30 June 2020. However, on 30 June 2021, a professional valuer placed a value of $1,200,000 on the land. The company applies straight-line depreciation wherever depreciation is required. The fair value of property valuation is applied wherever permitted. The company applies the option to transfer revaluation surpluses annually to retained earnings. Required: Prepare the journal entries to record the above events concerning Property A and Property B for the year from 1 July 2020 to 30 June 2021. Ignore deferred tax implications. Round to the nearest thousand dollars. (15 marks) (b) Fuling Ltd commenced construction of a non-current asset on 1 September 2020. On 1 October 2020, it borrowed $5 million at an annual interest rate of 8% to finance the development. On 15 November 2020, the workers went on strike and no work was done until the dispute was settled on 15 December 2020. The project was still in progress at 30 June 2021 and the expected completion date was 1 July 2022. Interest was paid monthly in arrears. Required: Explain, with journal entry, how the borrowing costs for the year ended 30 June 2021 should be accounted for in accordance with HKAS23. (5 marks) (Total nza)