Required State whether the following assets may be revalued, support your answer with a brief explanation to your reason. (maximum in each scenario). Prepare journal entries for any revaluations permitted by accounting standards. Assume that each item listed below represents a separate class of assets a) NT News OnTheGo Ltd has developed a masthead for its newspaper to the point where it is a very valuable asset. Although the masthead is not currently recognised, management believes it could be sold for at least $3 million. b) John Wiley & Sons Australasia Ltd purchased a publishing title two years ago for $1.2 million when another publisher went into liquidation. The book lhas been very successful and management believes that it could probably sell $1.5 million if ever they put it on the market. c) Booze Your Juice Ltd acquired a franchise for an ice-cream stand at a beach at a cost of $100 000. There is great demand for this type of franchise as evidenced by recent sales of equivalent franchises at other beaches. The current market price of such a franchise is $200 000. d) DJB Ltd has deferred development costs of $520 000 and the estimated recoverable amount of development project is $8