Group Two Ltd has identified its non-current assets consist of three classes: goodwill, land and plant. Details of items included in each class appear below. Goodwill Goodwill of $650,000 was acquired on 1 June 2014 and has not yet been considered to be impaired. The estimated fair value of goodwill at 30 June 2016 is $870,000. Land Land was acquired on 1 March 2013 for $1, 800,000. The estimated market value of the land at 30 June 2016 is $2, 500,000. However, if the land was sold, disposal costs of $80,000 would be incurred. Plant Total plant consists of two assets, Plant 1 and Plant 2. Plant 1 was originally acquired for $450,000 on 1 March 2010, while Plant 2 was originally acquired for $210,000 on 1 August 2014. When purchased, both items were considered to have a nil residual value and a 10 year useful life for both accounting and tax purposes. The estimated market value of Plant 1 at 30 June 2016 is $250,000. The estimated market value of Plant 2 at 30 June 2016 is $215,000. Group Two Ltd's policy to date has been to apply the cost model and depreciate assets on a straight line basis. A change of policy has been proposed, to commence on 30 June 2016, whereby the revaluation model would be adopted. However, there has been no proposed change to the method of depreciation, useful lives of assets or residual values. The applicable tax rate is 30%. 1. Prepare journal entries for any necessary revaluations at 30 June 2016. 2. Prepare any necessary journal entries associated with the three classes of assets for the year ending 30 June 2018. 3. Prepare an extract of the balance sheet as at 30 June 2018 which details the balance of all accounts associated with the three classes of assets and any revaluations