Question 3 14 Marks (a) Do you think that there are implications of the revaluation increments (upward revaluation) and revaluation decrements (downward revaluation) on firms profit? 4 Marks (b) On 30 June 2020, the Mildura Ltd showed the following non-current assets after charging depreciation. Plant Less Accumulated depreciation $150,000+ 50,000 $100,000 Equipment Less Accumulated depreciation $60,000 20,000 $40,000 Mildura Ltd uses the fair value method for the valuation of non-current assets. The company hired an independent valuer on 30 June 2020 who assessed the fair value of the plant to be $80,000 and the equipment to be $45,000.- Required: (1) Prepare journal entries to revalue the plant and the equipment as at 30 June 2020.- 7 Marks (11) Assume that the plant and equipment had remaining useful lives of 10 years and 5 years respectively, with zero residual value. Prepare journal entries to record depreciation expense for the year ended 30 June 2021 using the straight-line method. 3 Marks [4 + 10 = 14 Marks] Note: Ignore tax effect