Prepare the journal entries to record the revaluation

Reference no: EM132949203

Question

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.

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

Reference no: EM132949203

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