Shark Ltd has the following land and buildings in its accounts as at 30 June 2020:

Land in Wollongong, at cost	400,000
Land in Sydney, at valuation 2017	2,000,000
Buildings on land in Sydney, at valuation 2017	1,100,000
Accumulated depreciation - buildings	(350,000)

At 30 June 2020, the balance of the Revaluation Surplus is $800,000, of which $700,000 relates to the land in Sydney and $50,000 relates to the buildings (the balance relates to other non-current assets). An independent valuation carried out on this day determined the following fair values: land in Wollongong $1,500,000, land in Sydney $2,800,000, buildings $550,000. The estimated remaining useful life of the buildings is 25 years with nil residual.

Required

A. Record all entries relating to the revaluation of the assets on 30 June 2020.

B. Record the depreciation on buildings for the year ended 30 June 2021.