Answer the following question:

Chase Stokes Company purchases land and decides to use the revaluation model to account for land. The company has a December 31 year end and follows ASPE.

May 1, Yr 1 Acquisition $960,000

Dec 31, Yr 1 Fair Value $960,000

Dec 31, Yr 2 Fair Value $1,300,000

Dec 31, Yr 3 Fair Value $1,300,000

Dec 31, Yr 4 Fair Value $1,000,000

Dec 31, Yr 5 Fair Value $860,000

Dec 31, Yr 6 Fair Value $1,000,000

Provide all the entries using the revaluation method.