XYZ Ltd purchased an apartment on $1$ July $2021$ for $$500,000.$ On $30$ June $2022,$ XYZ Ltd hired an independent valuer to carry out the revaluation. The apartment was revalued as requested and due to current interest rate hike, the fair value of apartment decreased to $$300,000.$

Note: Ignore income tax effect.

Required:

Prepare the journal entries required to record the purchase of apartment on $1$ January $2021$ and the revaluation adjustment for the year ended $30$ June $2022.$