Helnik Housing Ltd owns two blocks of land, acquired in 2011 for the purposes of future residential development. Block A cost 250,000 and Block B cost 350,000. L Valuations of the blocks are undertaken by an independent valuer on 30 June 2013 and 30 June 2015. The assessed values are: 2013 valuation () 2015 valuation () Block A 230,000 290,000 Block B 370,000 340,000

Required:

1) Assuming asset revaluations were undertaken for the land in both 2013 and 2015, provide the journal entries for both years.

2) When we debit the unrealized gain on revaluation, does this decrease the other comprehensive income and equity in the financial statements?