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Accolade Ltd is a manufacturing company making heavy machinery. It has factories in Western Australia (WA) state and Northern Territory (NT). Following is a list of property, plant, and equipment held by the firm as at 30 June 2020 in the two factories at Western Australia (WA) and the Northern Territory (NT), All money values are in $. Carrying value at 30 June 2020 fair value at 30 June 2020 80 000 140 000 70000 90000 20 000 Factory (WA) Land Building -Cost Accumulated depreciation Factory (NT) Land Building -Cost Accumulated depreciation 160 000 100 000 120 000 50 000 50 000 Additional Information: The company has revalued land in NT factory on 30 June 2019 and has a revaluation surplus of $4 000. All other assets have not been previously revalued. The accounting policies of the Company state that land and building classes of assets follow the revaluation model. ABC Ltd is exempt from income tax. There were no revaluations conducted for assets for the year ended 30 June 2020. a) Explain three principles you would consider in accounting for the revaluation of the above assets. b) Directors of Accolade Ltd has now ascertained the fair values of the property, plant and equipment, and land at 30 June 2020, as shown above. Provide the relevant journal entries as at 30 June 2020. i. Land in WA ii. Building in WA iii. Land in NT iv. Building in NT

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