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Question 2 (11 marks) a) Explain what effect will an upward asset revaluation have on subsequent periods' profits? (2 marks) ANSWER a): b) Credit Corp Ltd. purchases a building on July 1, 2019, for $500,000. The building is expected to have a useful life of twenty years with no residual value (straight line). The company uses the revaluation model for this class of asset and will obtain current valuations every two years. On 30 June, 2021, an appraisal on the building is conducted and its fair value is determined to be $490,000. On 30 June 2023, the building is again appraised, and this time the fair value is determined to be $390,000. Required: Provide journal entries to account for the two revaluations (9 marks) SHOW YOUR WORKINGS ANSWER b): ||