Garrett Corporation paid $300,000 to acquire land, buildings and equipment. At the time of acquisition Garrett paid $20,000 for an appraisal, which revealed the following values land. $140,000, buildings. 5175,000, and equipment, 535,000 Required: 1. What cost should the company assign to the land, buildings, and equipment, respectively? 2. Assume that Garrett uses IFRS and chooses to use the revaluation model to value its property, plant and equipment At the end of the year the book value of the land buildings, and equipment are $128.000 155,000, and $28 000, respectively. The company determines that the fair value of the land, buildings, and equipment at the end of year is $153000 $157,000 and $25.000 respectively prepare the journal entries that Garrett should make to valve its property, plant and equipment