Revaluation adjustments and reversals The following data from Gordon Ltd's accounts relates to two assets at 30 June 2022. Asset Value Accumulated depreciation Carrying amount Land $ 2,640,000 $ $ 2,640,000 Plant and Equipment $ 330,000 $ 66,000 $ 264,000 At 30 June 2022, Gordon Ltd decides to adopt the revaluation model for both these assets. On this date land has a fair value of $2475000 and plant and equipment has a fair value of $363000. On 30 June 2023, Gordon Ltd reviews the value of its assets. The fair value of land is reassessed as $2557500. 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 2022 and the 30 June 2023. Question 5 (10 points) Prepare the journal entries required to revalue the assets for the year ended 30 June 2022 and 30 June 2023. (10 Marks)