Question #3 Paddington has acquired numerous pieces of land which are accounted for under revaluation model. One particular piece of land is carried in Paddington's statement of financial position at $560,000 at 1 January 2019. At 1 January 2020, further to a revaluation exercise, a fair value of $710,000 is identified in respect of this land. Prepare the journal entry to account for the revaluation at 1 January 2020, assuming the following separate cases: (a) The land has only ever risen in value. (b) Since the land was bought until 31 December 2019, a revaluation loss of $80,000 had been identified and recognised in profit or loss