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ABC Limited purchased land for $5 million. In the second year, the land was revalued to $3 million. In the third year, the land was
ABC Limited purchased land for $5 million. In the second year, the land was revalued to $3 million. In the third year, the land was revalued to $2 million. At the beginning of the fourth year, the land was sold for $3 million. Which of the following belongs to the journal entries for the sale of land? A. CR Land 5 million B. CR Land 2 million C. DR Loss on sale 1 million D. DR Gain
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