On june 2022, the statement of financial position of toowoomba ltd showed the following non-current assets after charging depreciation

Building $600 000

Accumulated decrepreciation (200 000) $400 000

Motor vehicle 240 000

Accumulated depreciation (80 000) 160 000

The company has adopted fair value for the valuation of non-current assets. this has resulted in the recognition in previous periods of an asset revaluation surplus for the building of $280 000. On june 2022, an independent valuer assessed the fair value of the building to be $320 000 and the vehicle to be $180 000

Prepare any necessary journal entries to revalue the building and the vehicles as at 30 June 2022

Assume that the building and vehicle had remaining useful lives of 25 years and 4 years respectively, with zero residusl value. prepre journal entries to record depreciation expense for the year ended 30 June 2022 using straight line method