Brookfield plc., which has a 31 December year end, has elected to use the revaluation model for its Property, Plant and Equipment (PPE). The company acquired some land for 10,000 on 1 January 20X1. On 31 December 20X2 the fair value of the land was determined to be 12,000. On 31 December 20X3 the fair value of the land was determined to be 8,500. Required: a) Show how Brookfield plc. should reflect the transactions related to this land in its financial statements for the years 20X2 and 20X3. b) After recognition, IFRS allows entities to choose between the cost model and the revaluation model for measuring items of Property, Plant and Equipment (PPE). Briefly explain the difference between these two models. (200-300 words)