Question 1 (5 marks) On 1 July 2020, Sydney Ltd purchased two blocks of land in Brisbane for $1,500,000 each. After the initial measurement, Sydney Ltd decides to revalue the land. The following table provides more information on the value of the land: Land Fair value on 30 June 2021 Fair value on 30 June 2022 $ $ Land - Block 1 1,800,000 1,200,000 Land - Block 2 1,300,000 1,700,000 Question 1 (5 marks) On 1 July 2020, Sydney Ltd purchased two blocks of land in Brisbane for $1,500,000 each. After the initial measurement, Sydney Ltd decides to revalue the land. The following table provides more information on the value of the land: Land Fair value on 30 June 2021 Fair value on 30 June 2022 $ $ Land - Block 1 1,800,000 1,200,000 Land - Block 2 1,300,000 1,700,000