Question 2 The statement of financial position for Echidna Ltd at 30 June 20x2 showed the following non-current assets after charging deprecation. $ Building 800,000 Accumulated depreciation (200,000) 600,000 Vehicles 350,000 Accumulated depreciation (150,000) 200,000 The company has adopted fair value for the valuation of non-current assets. The balance of the asset revaluation surplus for the building was $42,000 as a result of previous revaluations. On 30 June 20x2, an independent valuer assessed the fair value of the building to be $500,000 and the vehicle to be $240,000. Depreciation is expensed using the straight-line method. At 30 June 20x2 the building and vehicle had remaining useful lives of 10 years and 6 years respectively, with zero residual value. The tax rate is 30%. Required: 1. Prepare journal entries to revalue the building and the vehicles as at 30 June 20x2. 2. Prepare journal entries to record depreciation expense for the year ended 30 June 20x3 using the straight-line method