IceCap Hotels operates a series of northern European hotels andreports under IFRS. On June 30, 2016, IceCap purchased land for€3,000,000. IceCap reports land values on the balance sheet underProperty, plant, and equipment. The appraisal value for the land(which you can assume is the same as the recoverable amount) wasreported as:
| Appraisal Date | Land Value |
| 12/31/2016 | € | 3,150,000 | |
| 12/31/2017 | € | 2,750,000 | |
| 12/31/2018 | € | 2,850,000 | |
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Required:
- Prepare the journal entries at the end of 2016, 2017, and 2018to record any changes in value to this land asset if IceCap choosesthe IFRS cost model to value this property.
- Prepare the journal entries at the end of 2016, 2017, and 2018to record any changes in value to this land asset if IceCap choosesthe IFRS revaluation model to value this property.
