Assume tax rate is 27.5%

30 June 2021. Revaluation adjustments and reversals The following data from Lyre Ltd's accounts relates to two assets at 30 June 2018. LO6 Accumulated depreciation Asset Land Plant and equipment Carrying amount $1 600 000 $ 160 000 Value $1600 000 S 200 000 $40000 At 30 June 2018 Lyre Ltd decides to adopt the revaluation model for both these assets. On this date land has a fair value of $1500000 and plant and equipment has a fair value of $220000. On 30 June 2019 Lyre Ltd reviews the value of its assets. The fair value of land is reassessed as S1 550000. Plant and equipment has no change in value on that date. Required Prepare the journal entries required to revalue the assets for the year ended 30 June 2018 and the year ended 30 June 2019