The following data from Keeper Ltd accounts relates to two assets at 31 December 2021.

Asset	Value	Accumulated depreciation	Carrying amount
Land	$ 4 300 000	0	$ 4 300 000
Plant and equipment	$ 600 000	$100 000	$ 500 000

At 31 December 2021, Keeper Ltd decides to adopt the revaluation model for both these assets. On this date land has a fair value of $4 000 000 and plant and equipment has a fair value of $600 000. On 31 December 2022 Keeper Ltd reviews the value of its assets, the fair value of land is reassessed as $4 250 000 and the value of the plant and equipment remained unchanged.

Required:

Prepare the journal entries required to revalue the assets for the year ended 31 December 2021 and the 31 December 2022. (5 marks)

1. 1. You are to apply the 'function of expense' or 'cost of sales' method to the classification of expenses in the income statement (see AASB101 paras 97-105);
2. 2. You are directed to use the current/non-current format for the statement of financial position (balance sheet);