1. At 30 June 2021, Harriet Ltd holds a block of land. The land has a carrying amount of $2 million. An independent market appraisal has valued the land at $1.7 million but costs to dispose of the land are estimated at $100 000. The value in use of land is determined to be $1.9 million.

   Required

   Assume that this block of land was carried under the cost model. Write the amount ___________________________ of any impairment loss that should be recognised. {Do not put a symbol (such as $), space or , in your answers. (i.e., 40000 acceptable; $40,000 or 40 000 not acceptable)}.

2. Patric Ltd used the cost model to measure its Plant X. Plant X had cost of $120 000 and had a carrying amount of $60 000 at 30 June 2021 and is depreciated on a straight-line basis over a 10-year period. Its residual value is negligible.

On 31 December 2021, the directors of Patric Ltd decided to change the basis of measuring the plant from the cost model to the revaluation model. Plant X was revalued to $55 000 with an expected useful life of 5 years and a negligible residual value.

Required:

Provide the necessary journal entries for Plant X on 31 December 2021 and on 30 June 2022. (Journal narrations are not required)