$1.$ On $1$ January $2016,$ Tinky Ltd bought buildings for P$540,000.$ At that date it was decided that the buildings had a useful life of $50$ years. On January $2018.$ It was decided to revalue the buildings to its open market value of P$600,000.$ On $31$ December $2019,$ the property was sold for P$620,000.$ No depreciation is charged in the year of disposal.

Prepare a journal for the revaluation of the property on $1$ January $2018.(10$ marks$)$

$2.$ From $($c$)$ above, calculate profit or loss on the disposal of the property. $(8)$