The following details for non-current assets was provided for a company:

Asset	Date Purchased	Cost $	Residual Value $	Useful Life
Vehicle	1 Sept 2018	280,000	10,000	5
Building	1 July 2019	900,000	100,000	20

Additional Information:

• The company depreciates the vehicle and building using the straight-line method of depreciation
• the company has a reporting period ending 30 June
• The company rounds to the nearest dollar
• The tax rate is 30%

• The following transaction and events have occurred:

• On 1 September 2020, the company sold the vehicle for $160,000 in cash
• On 31 December 2020, the company decided to adopt the revaluation model for buildings and obtained a fair value for the building of $820,000. The residual value remained the same, however the remaining useful life was now estimated to be 16 years

• Required:

• Prepare Journal entries for the sale of the vehicle on one September 2020 (7 marks).

• [Answer and show workings here]

• Prepare Journal entries for the revaluation of the building on 31 December 2020 (6 marks).

• [Answer and show workings here]

• Prepare Journal entries for depreciation on the building for the year end 30 June 2021 (2 marks).

• [Answer and show workings here]