PART A ONLY PLEASE.

Revaluation of assets On 30 June 2016, the statement of financial position of Miss Congeniality Ltd showed the fol- lowing non-current assets after charging depreciation: Building $ 300000 (100000) 120000 (40000) Accumulated Depreciation $200000 Motor Vehicle Accumulated Depreciation 80000 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 $14000 On 30 June 2016, an independent valuer assessed the fair value of the building to be $160 000 and the vehicle to be $90000. The income tax rate is 30% Required A. Prepare any necessary entries to revalue the building and the vehicle as at 30 June 2016. B. Assume that the building and vehicle had remaining useful lives of 25 years and 4 years respectively, with zero residual value. Prepare entries to record depreciation expense for the year ended 30 June 2017 using the straight-line method