REQUIRED Assuming asset revaluations were undertaken for the land in both 2017 and 2019, provide the journal entries for both years.

Question 3: Kanga Cairns Ltd owns two blocks of beachfront land, acquired in 2015 for the purposes of future residential development. Block A cost $243,000 and Block B cost $369,500. Valuations of the blocks are undertaken by an independent valuer on 30 June 2017 and 30 June 2019. The assessed values are: 2017 valuation($) 2019 valuation($) Block A 223,250 308,950 Block B 389,250 349,250 REQUIRED Assuming asset revaluations were undertaken for the land in both 2017 and 2019, provide the journal entries for both years