Membina Limited $($Membina$)$ is a layge, Melboume$-$based coratruction comparny that secialisen in high$-$rise

developments.

equipment and materials to geat heights. Membina's heavy machinery is measured under the revaluation model in

value will be sero.

The value of tiower cranes is not highly volatile, and Membina performs revaluations every thee years. This is the first

rereabuabion for Membina's tower crare. Membina has the following information about the thite main second hand

markets walable:

Additional intormation

The tarrane is $30\%.$

Additional information

The location of the bower crane in Meltoume is considered a characteristic of the asset.

In the past. Mentira has sold its tower cranes in De Meboume makel as they ave easier to sell bcally. However,

Mambina can sell in afry of the three mareats $($Brisbarse$,$ Meboume or Sydney$).$

The car rave is $30$s$.$

a$)$ Identify and explain the market that Mcoblos should use to measure the fair value of its

tower crane. Support your answer with a specific reference from the relevant accounting

standard.

b$)$ Using the fair value information in the Melbourne market, prepare the journal entry$/$entries

to record the revaluation of the tower crane at $30$ June $2024.$ Show all workings.