Question 3 Toy Ltd has the following land and buildings in its accounts as at 30 June 2015: $000 Land in Wellington at cost 100 Land in Auckland at valuation 2,000 Buildings on land in Auckland at valuation 2012 1,000 Accumulated depreciation (150) At 30 June 2015, the balance of the Revaluation Surplus is $750,000, of which $700,000 relates to the land in Auckland and $50,000 relates to the buildings. An independent valuation carried out on this day determined the following fair values: land in Wellington $1,500,000, land in Auckland $2,400,000, buildings $750,000. The estimated remaining useful life of the buildings is 15 years with nil residual. Required a) Record all entries relating to the revaluation of the assets at 30 June 2015. Ignore narrations