Extracts from the statements of financial position of Wild Boar Ltd as at 30 June 2017 and 30 June 2016 are as follows: 2017 2016 30 June 30 June Assets Cash 150,000 180,000 Account receivables 96,000 85,000 Allowance for bad debts (7,000) (5,200) Prepaid rent 50,000 56,000 Equipment 80,000 80,000 Accum.dep-equipment (32,000) (28,000) Land 200,000 100,000 Machine 800 0 Accum.dep - Machine 50 0 Deferred tax asset ? 19,470 Liabilities Trade payables 68,000 76,000 Unearned service revenue 60,000 50,000 Provision for annual leave 15,200 9,700 Deferred tax liability ? 18,900 Additiond information: (a) The accumulated depreciation on Equipment for tax purposes was $47,000 at 30 June 2017 (2016: $35,000). The annual depreciation expense of Equipment for accounting purposes was $4,000. (b) The company acquired Machine at 1 July 2016 at the initial cost of $1,000 with an expected useful life of 10 years and the expected residual value of $0. The company uses the straight-line depreciation for Machine. The accumulated depreciation on Machine for tax purposes was $50 at 30 June 2017. (c) The company uses the revaluation model for Land and Machine, while Equipment is measured based on the cost model. On 31 December 2016, Land was revalued to $200,000 and Machine was revalued to $800 with an expected useful life of 8 years. (d) On 31 December 2017, the company revalued Land again. The fair value of Land on that date was $80,000. (e) On 31 December 2017, the company had impairment tests for Equipment and Machine. The recoverable amount of Equipment was assessed as $43,000, while the recoverable amount of Machine was assessed as $715. (d) The corporate tax rate is 30%. Q1 Required: Provide the journal entries related to the revaluation of Land and Machine on 31 December 2016. Working are not required. Provide your answers here: