End of Semester 2 2020 Final Examination ACCT2005 Financial Accounting QUESTION 1 (17 marks) The following data from Kathy Ltd's accounts relates to two assets at 30 June 2020: De n reciatiou $1 600 000 $1 600 000 Plant 3:. Eui nrnent $200 000 $40 000 $160 000 At 30 June 2020 Kathy Ltd decides to adopt the revaluation model for both these assets. On this date land has a fair value of $1 550 000 and plant and equipment has a fair value of $200 000. On 30 June 2021 Kathy Ltd reviews the value of its assets. The fair value of land is reassessed as $1 570 000. Plant and equipment have no change in value on that date. Required: Prepare the journal entries required to revalue the assets for the year ended 30 June 2020 and the 30 June 2021. Narration is not required. Write your answers below. If you need more space write on the next page