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On 30 June 2018, the statement of financial position of Koala Ltd showed the following noncurrent asset after charging depreciation:
Buildings 300,000
Accumulated Depreciation 100,000
Carrying Amount 200,000
The company adopted fair value for the valuation of its non-current assets. This has resulted in the recognition in previous periods of an asset revaluation surplus for the building of $14,000. On 30 June 2019, an independent value assessed the fair value of the building to be $160,000.
Required
Question 1: Prepare the journal entries to revalue the buildings as at 30 June 2019.
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