Petersen Ltd has the following land and building in its financial statements as at 30 June 2018:

Residential land, at cost 1 000 000

Factory land, at valuation (2016) 900 000

Buildings, at valuation (2016) 800 000

Accumulated depreciation (100 000)

At 30 June 2018, the balance of the revaluation surplus is $400 000, of which $300 000 relates to the factory land and $100 000 to the buildings. On this same date, independent valuations of the land and building are obtained. In relation to the above assets, the assessed fair values at 30 June 2018 are:

Residential land, previously recorded at cost 1100 000

Factory land, previously revalued in (2016) 700 000

Buildings, previously revalued in (2016) 900 000

Required :

Provide the journal entries to account for the revaluation on 30 June 2018. Petersen Ltd classifies the residential land and the factory land as different classes of assets.