On 1st July 2021, the assets are recorded as follows: Land $160 000 $ 60 000 Equipment Less Accumulated depreciation 9000 55 000 $175 000 Building Less Accumulated depreciation 15 000 160 000 On 1st July 2021 Throne Ltd discovers that the fair value of the land is $145,000, th value of the equipment is $75,000 and the fair value of the building is $160,000. Throne Ltd has a balance date of 30th June each year. Required: Record the journal entries to reflect these events at 1st July 2020 a July 2021. Show all workings. 9 Marks Part A - Revaluations and Reversals (9 Marks) As at 1st July 2020 Throne Ltd has the following assets: Land $150,000 Equipment $ 100 000 Less Accumulated depreciation 25 000 75 000 Building $260 000 Less Accumulated depreciation 90 000 170 000 On 1st July 2020 Throne Ltd decides to use the revaluation model and the enti that the fair value of the land is $160,000, the fair value of the equipment is $6 the fair value of the building is $175,000