Glorious Company Limited owns land that it purchased at a cost of $ million m in The company chooses to use revaluation accounting to account for the land. The land's value at the end of the following years were as follows: $m; $m; $m; and $
Required:
Prepare the journal entries to record the land using revaluation accounting from using the following table:
tableYearJournal,Land,tableUnrealized Gainon RevaluationtableLoss onImpairmenttableRecovery ofImpairmentLoss$m$m$m$m
