ABC Ltd purchased land for $550,000 on 1 January 2017 and used revaluation model to account for this type of asset. It was revalued on 31 December 2019 to $450,000. A subsequent revaluation on 31 December 2021 found the market value to be $600,000 due to a change in council zoning for the area.

What are the journal entries required to record the revaluation of the land on 31 December 2021?

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