Question 5

The following data from Singapore Ltd accounts relates to two assets at 30 June 2021.

Asset	Value	Accumulated depreciation	Carrying amount
Land	$ 4 300 000	0	$ 4 300 000
Plant and equipment	$ 600 000	$100 000	$ 500 000

At 30 June 2021, Singapore Ltd decides to adopt the revaluation model for both these assets. On this date land has a fair value of $4 000 000 and plant and equipment has a fair value of $600 000. On 30 June 2022 Singapore Ltd reviews the value of its assets. The fair value of land is reassessed as $4 250 000. Plant and equipment has no change in value on that date.

Required:

Prepare the journal entries required to revalue the assets for the year ended 30 June 2021 and the 30 June 2022.