On 30 June 2018, the statement of financial position of Koala Ltd showed the following non- current asset after charging depreciation:

The company adopted fair value for the valuation of its non-current assets. This has resulted in the recognition in previous periods of an asset revaluation surplus for the building of $14,000. On 30 June 2019, an independent valuer assessed the fair value of the building to be $160,000.

Required

Prepare the journal entries to revalue the buildings as at 30 June 2019.

Buildings 300,000 Accumulated Depreciation 100,000 Carrying Amount 200,000