7, 000 26,142 ESTION FIVE (1.5 mark) Bwdr ege Ltd owns a uek, which was purchased at a cost of $800,000 on 30 dune 2014 years useful life and no residual value). Besiege Ltd is carrying the building at fair value. On 30 June 2015 (for the first time after purchase), the building is assessed as having a fair value equal to $770,000 and is revalued by Besiege Ltod. REQUIRED Provide the journal entries to account for the revaluation on 30 June 20i4 showing all necessary workings and calculations (1 mark). nder Accounting Standards an initial revaluation upwards is treated differently to a evaluation decrement in terms of its impact on the income statement. Describe the inconsistence in treatment and possible rational for such an inconsistency. (0.5 marks) UESTION SIX (1.5 marks) Identify whether each of the following would or would not be recorded as an intangible asset in the financial statement of Hummings as at the end of the reporting period of 30 une 2016 according to AASB 138 Intangible assets. For each situation, justify your answer Hummings has acquired copyrights for $240,000 The copyright (intangible)has a useful life of 50 years and over this time period is expected to generate future economic benefits well in excess of its cost of purchase. (0.5 marks)