Question 3 14 Marks (a) AASB 116 - Property, Plant and Equipment requires each class of property, plant and equipment to be measured at either cost or fair value. Do you think that there are differences between cost model and revaluation model? Justify your answer. 4 Marks (b) Atlantic Ltd purchased two blocks of land (Garden View and Lake View) for $3,800,000 each on 1 July 2018. Subsequent to initial measurement Atlantic Ltd revalued the land The fair values of Garden View Land on 30 June 2019 is $3,500,000 and on 30 June 2020 is $3,100,000 The fair values of Lake View Land on 30 June 2019 is $4,900,000 and on 30 June 2020 is $4,200.000 Note: Ignore tax effect. Required: Provide the appropriate journal entries to record the revaluations on 30 June 2019 and 30 June 2020. 10 Marks