aband c

Question 3 On 1 April 2016, Fast East Organisation Ltd bought a piece of freehold land at a cost $3,980,000, using its existing cash surplus accumulated over the years. The land was subsequently revalued to $4,100,000 on 1 October 2019. On 31 March 2021, the land was sold for $4,250,000 cash. Fast East Organisation has a financial year end of 31 December. Required: Prepare all the necessary journal entries to record the above for the years ended: (a) 31 December 2016, (b) 31 December 2019. (c) 31 December 2021. (16 marks)