Pengo Ltd. owns land that it purchased at a cost of 400 million in 2020. The company

Question:

Pengo Ltd. owns land that it purchased at a cost of ¥400 million in 2020. The company chooses to use revaluation accounting to account for the land. The land’s value fluctuates as follows (all amounts in thousands as of December 31): 2020, ¥450,000; 2021, ¥360,000; 2022, ¥385,000; 2023, ¥410,000; and 2024, ¥460,000.

Instructions

Complete the following table.