Current Fair Value ($) Chapter 6: End of Chapter Exercise Deegan (2016) Carrying Amount ($) Property Plant and Equip Factory (NSW): Land 100 000 Buildings: Cost 70 000 Accum Depn (20 000) 150 000 80 000 150 000 120 000 Factory (Qld): Land Buildings: Cost Accum Depn 70 000 125 000 (45 000) Land is one asset class and buildings the other asset class. Tax rate is 30% Required: Prepare the journal entries to account for the revaluation of the above assets