question – Provide the journal entries for the revaluation

Petersen Ltd has the following land and building in its financial statements as at
30 June 20X4:
Residential land at cost $1 000 000
Factory land at valuation 20X1 900 000
Buildings at valuation 20X0 800 000
Accumulated depreciation (100 000)
At 30 June 20X4, the balance of the revaluation surplus is $400 000 of which $300 000
relates to the factory land and $100 000 to the buildings. On this same date, independent
valuations of the land and building are obtained. In relation to the above assets, the assessed
fair values at 30 June 20X4 are:
Residential land previously recorded at cost $1 100 000
Factory land previously revalued in 20X1 700 000
Buildings previously revalued in 20X0 900 000
Required
Provide the journal entries for the revaluation on 30 June 20X4. Petersen Ltd classifies the
residential land and the factory land as different classes of assets.