Victor Ltd owns two blocks of commercial land acquired in 20X1 for the purposes of future development. Block M cost $400,000 and Block N cost $300,000. Valuations of the blocks are undertaken by an independent valuer on 30 June 20X3 and 30 June 20X5. The assessed values are: Block M Block N 20X3 valuation $430,000 $272,000 20X5 valuation $455,000 $329,000 Required: 1. Assuming asset revaluations were undertaken for the land in both 20X3 and 20X5, provide the journal entries for both years. If a reporting entity elects to use either cost or fair value as the basis for measuring its property. plant and equipment, can it elect to switch to the other method at a later time?