(a) Entity X prepares financial statements to 31 May each year. On 31 May 2007, the entity acquired land for EUR 800,000. This land was revalued to EUR 900,000 on 31 May 2008 and to EUR 750,000 on 31 May 2009. 

(b) Entity Y prepares financial statements to 30 June each year. On 30 June 2007, the entity acquired land for EUR 1,200,000. This land was revalued to EUR 1,080,000 on 30 June 2008 and to EUR 1,240,000 on 30 June 2009.

Assuming that both companies use the revaluation model, explain how each revaluation should be dealt with in the financial statements. Ignore depreciation.