Question 2 IQuestion 2 has two parts: you are required to answer both parts. Part A Ponting Ltd is a manufacturer of cricket bats and equipment for the Australian I.Cllympic team. On 1 July 2009, it purdiased land with a grove of mature willow trees of the type used in the manufacture of cricket bats. The land was purchased for $400,000 cash. In 2010 it was found that the trees were producing better than expected bats, and the land was revalued to a fair value of $450,000- Unfortunately, in 2011 it was found that some of the land was subject to flooding and urmsable and the land was revalued to $420,011]. The current tax rate is 30%. Required Prepare all journal entries related to the land that are required on 30 Iune 2010 and 2011. Assume the revaluation model is used. IClearly show all your calculations. Narrations are not required. [5 marks] PartB Lyons Ltd purchases a machine for $525,030 cash on 1 July 2006- The machine is to be depreciated on a straightline basis over 5 years with an estimated residual value at the end of that time of $25,000. Net selling Value in Market prise use value $ $ $ 30 June 200? 455,011] 490% 4min] 30 June 2008 220,020 310,000 295,020 30 one 2009 190,111] 130,000 205,011] Required Prepare all journal entries related to the machine mat are required on 30 June 2002', 2030 and 2009. Lyons Ltd uses the cost model to record and report its non~current assets. Narrations are not required. [ssiune no changes to the estimated useful life and residual value of the machine. Round all calculations to the nearest dollar.) [6 marks] [Totalir [xation 2 = 12 marks]