Exercise 15.1 Revaluations (increase and decrease) Surguy Ltd has disclosed the following non-current asset classes as at 30 June 2019. $240 000 Machinery Less: Accumulated depreciation Buildings Less: Accumulated depreciation $ 420 000 180 000 800 000 240 000 560 000 At 1 July 2019, the directors of Surguy Ltd decide to adopt the revaluation model and revalue the non-current asset classes to the following fair values. Machinery Buildings $ 200 000 720 000 Required (a) Prepare general journal entries to record the revaluations, including any closing entries at the end of the reporting period