Comic Limited owns a single plot of land, which it measures using the revaluation model. It determines the fair value of land every two years. Details of its land are as follows: C 3 800 000 2 800 000 1 160 000 Prepare the journal entries to account for the land for the years ending 31 December 20X1 to 31 December 20X7. The revaluation surplus is realised at the end of the asset's useful life. Purchase price (1 January 20X1) 31 December 20X3 31 December 20X5 31 December 20X7 Question 8.5 Part A Fair values Required: Ignore deferred tax implications.
