Mudbay Marinas plc purchased land for 300,000 to build a boat storage. By the end of the fiscal year on 30 June 2017, the land's fair market value increased to 480,000 and the land was revalued accordingly. At the end of the next fiscal year on 30 June 2018, the land was revalued to 160,000.

a) Provide the journal entries to record the revaluations on 30 June 2017 and 30 June 2018.

b) For the year ending 30 June 2018, what is the impact (in ) of the revaluation on net income and total comprehensive income?