Toy Ltd has the following land and buildings in its accounts as at 30 June 2015: 

At 30 June 2015, the balance of the Revaluation Surplus is $800 000, of which $700 000 relates to the land in Auckland and $50 000 relates to the buildings (the balance relates to other PPE assets). An independent valuation carried out on this day determined the following fair values: land in Wellington $1 500 000, land in Auckland $2 400 000, buildings $750 000. The estimated remaining useful life of the buildings is 15 years with nil residual.

Required

(a) Record all entries relating to the revaluation of the assets on 30 June 2015.

(b) Record the depreciation for the year ended 30 June 2016.