The following data from Lyre Ltd's accounts relates to two assets at 30 June 2023.

At 30 June 2023 Lyre Ltd decides to adopt the revaluation model for both these assets. On this date land has a fair value of \$250 \(\mathbf{0 0 0}\) and plant and equipment has a fair value of \(\$ 330000\). On 30 June 2024 Lyre Ltd reviews the value of its assets. The fair value of land is reassessed as \(\$ 2325000\). Plant and equipment has no change in value on that date.

Required 

Prepare the journal entries required to revalue the assets for the year ended 30 June 2023 and the 30 June 2024.

Transcribed Image Text:

Value Accumulated depreciation Asset Land $ 2 400 000 Plant and equipment $ 300 000 0 $ 60 000 Carrying amount $ 2 400 000 $ 240 000