ump-Sum Purchase and Revaluation-IFRS. On January 1, Gonzales Inc. paid $220,000 to acquire land, buildings, and equipment. At the time of acquisition, the fair value of the land, buildings, and equipment was $100,000, $125,000, and $25,000, respectively. At the end of the year, Gonzales provided the following information regarding these assets: Book Value, Dec. 31 Fair Value, Dec. 31 Land $ 88,000 $110,000 Buildings 104,000 106,000 Equipment 18,000 15,000 Gonzales uses IFRS and has chosen to use the revaluation model to value its property, plant, and equipment. Required: What cost should Gonzales assign to the land, buildings, and equipment, respectively? 2. Prepare the journal entries that Gonez should make to value its property, plant, and equipment on December 31