Question One (20 marks, 36 minutes) Avonlea Inc is a manufacturer of infant formula and uses IFRS. The following provides information on two types of property, plant, and equipment as at the end of fiscal year 2022: Required: a. At the beginning of fiscal year 2023, Avonlea conducted appraisals of these assets. The appraisals indicate that the factory building is worth $18 million while the equipment is worth $4,320,000. While the company has conducted regular appraisals in the past, these are the first appraisals to show significant deviations of fair value from carrying value. In other words, there have been no revaluation surpluses or losses on these assets prior to 2023 . For the revaluation of equipment, Avonlea has chosen to use the proportional method. For the building, the company uses the elimination method. Record the journal entries to revalue these two assets at the beginning of 2023. b. Using the amounts after revaluation, compute the depreciation that would be recorded on each of the two assets for fiscal 2023. c. At the beginning of fiscal year 2024, Avonlea conducted another appraisal, which showed a value of $16 million for the building and $3,800,000 for the equipment. Avonlea continues to use the same revaluation policies as in 2023 (see part (a) above). Record the journal entries to revalue these two assets at the beginning of 2024. d. What is the balance in "Revaluation Surplus" in OCl after the revaluation in 2024