1. On July 2016 big Wednesday ltd acquired land at a cost of $1000000. Big Wednesday ltd makes the following estimates of the value of the land :

30 June 2017 net selling price $900000 value in use $1050000 Fair value=$950000

30 June 2018 net selling price =$900000 value in use=$960000

Fair value=$950000

30 June 2019 Net selling price=$920000 Value in use=$900000

Fair value=$970000

(a) Determine the recoverable amount of the land for each reporting date

(b) Assume that Big Wednesday ltd uses the cost method. For each year, calculate the carrying amount of the land. Prepare the journal entries necessary to effect any adjustments required by accounting standards (c) Assume that Big Wednesday ltd revalues its land at the end of each year. For each year, calculate the carrying amount of the land. Prepare journal entries necessary to effect any adjustments required by accounting standards.