John Pty Ltd is an Australian diversified industrial company with its major business activity being to manufacture flotation devices for babies and toddlers. Over the past decade, the business has been very profitable and the directors, Simon and Lisa, have kept payment of dividends to a minimum to allow the company to diversify into other activities. The following is a list of property, plant and equipment held by the company: Investments in companies Carrying Value ($) Current fair value ($) Property, plant and equipment Factory (NSW) Land 100 000 140 000 Buildings Cost 70 000 80 000 Accumulated depreciation (20 000) Factory (Qld) Land 150 000 120 000 Buildings Cost 125 000 70 000 Accumulated depreciation (45 000) Mr Anderson informs you that the directors intend to revalue the property, plant and equipment during the year. The company has not revalued any assets in the past. REQUIRED (a) How would you account for the revaluation of the above assets? (b) What would the relevant journal entries be?