(a) ABC Company purchased land at a cost of $400,000,000 during 2018. ABC chooses to use the revaluation method of accounting for land. The fair value of the land is as follows at December 31, 2018 2019 and 2020:

2018 - $450,000,000 2019 - $360,000,000 2020 - $385,000,000

Required (a) Record the journal entries to account for revaluation of the land at 31 December 2018, 2019 and 2020.

(b) Assume ABC Company chooses to apply the cost method for the land and that the above amounts are the recoverable amount of the land at 31 December each year. Record the necessary journal entries to account for the land at 31 December 2018, 2019 and 2020.