SO 4-8 An item of plant has been revalued upwards for the first time on 30 June 2019. 6) What effect does the revaluation increment have on the Income Statement (and hence, net profit after tax) for the year ending 30 June 2019 (ii) What effect does the revaluation increment have on the Income Statement and hence, net profit after tax) for the year ending 30 June 2020? Page 2 of 8 SO 4.9 On 30 June 2019, equipment with a cost of $850,000 and accumulated depreciation to date of 480,000 is revalued to 5520,000 Required: Assuming a tax rate of 30%, prepare journals entries for the revaluatie ca 30 June 2019. forkings or be shown