A company which uses the revaluation model and prepares financial statements to 31 December each year acquired an item of property on 1 February 20x2 at a cost of 5 million. On 31 December 20x2, this property was revalued at 5.2 million. On 31 December 20x3, it was revalued at 4.7 million. Explain how these revaluations should be accounted for. Also explain what would have happened if the valuations at 31 December 20x2 and 20x3 had been reversed.