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Prepare the journal entries to record revaluation of land

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Reference no: EM132911587

Milordike Company owns land that it purchased at a cost of $600,000 in 2013. The company chooses to use revaluation accounting to account for the land. The land's value fluctuate as follows (all amounts as of December 31):

2013, $675,000;

2014, $540,000;

2015, $580,000; and

2016, $615,000.

Problem 1: Prepare the journal entries to record the revaluation of the land in each year.

Reference no: EM132911587

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