Endless Summer Ltd purchased two parcels of land (Bruce and Brown) for $2 000 000 each on 1 July 2020. Subsequent to initial measurement, Endless Summer revalued the land. Fair values are as follows: Parcel of land Fair value ($) 30 June 2021 Fair value ($) 30 June 2022 Bruce 1 800 000 1 600 000 Brown 2 500 000 2 200 000 REQUIRED 1. Prepare journal entries to record the revaluations on 30 June 2021 and 30 June 2022. 2. The manager claims, There should be no adjustment for the decline in fair value because the recoverable amount of each parcel of land exceeds $2 000 000 at 30 June 2022. Explain whether this is consistent with accounting standards.