On 30 June 2022, the statement of financial position of Brimbank City Council showed the following non-current assets. Buildings (at cost) $ XXXXXXXXXX Accumulated Depreciation (45 000) XXXXXXXXXX...

On 30 June 2022, the statement of financial position of Brimbank City Council showed the following non-current assets.

            Buildings (at cost)                                  $ 225 000

            Accumulated Depreciation                         (45 000)         180 000

            Commercial Land (at cost)                                             1 920 000

At 30 June 2022 Brimbank City Council decides to adopt the revaluation model for both these assets. On this date commercial land has a fair value of $1 800 000 and building has a fair value of $150 000 and useful re-estimated to 15 years. On 30 June 2023 Brimbank City Council reviews the value of its assets. The fair value of commercial land is reassessed as $1860 000. Building has no change in value on that date.

Prepare the journal entries required to revalue the assets for the year ended 30 June 2023.