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What would be the journal entry to record the revaluation

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Question 1: In the first year of business, Newport Ltd purchased land for $5 million. In the second year, a reputable, independent property valuer's report shows that the value of the land is estimated at $2 million. Newport Ltd uses the revaluation method. What would be the journal entry to record this revaluation?

Select one:

a. Dr Loss on Revaluation $3,000,000 Cr Land $3,000,000

b. Dr Gain on Revaluation $3,000,000 Cr Land $3,000,000

c. Dr Land $3,000,000 Cr Loss on Revaluation $3,000,000

d. Dr Land $3,000,000 Cr Revaluation Surplus $3,000,000

 

Reference no: EM132477463

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