Crescent Head Co. acquired some land in 2021 at a cost of $4.2 million. It measures land at cost. In 2022 it was determined that the recoverable amount of the land was $5.2 million. In 2023 it was determined that the recoverable amount of the land was $3 million. In 2024 it was decided to switch to the ‘revaluation model’ and to revalue the land to its fair value, which was then assessed as having increased to $5 million.

REQUIRED

Provide the journal entries to record the above movements in value in each of the respective years.