AX Development Ltd purchased land on 1 April 2016 at a cost of $3 000 000. The cost model was used for the land.

On 31 March 2017, AX Development Ltd switched to the revaluation model for the land. A revaluation was performed on the 31 March 2017; this resulted in a downward revaluation of $400 000 for the land.

On the 30 September 2018, the fair value of the land was reassessed by an independent valuer to be $3 600 000.

On the 31 March 2020, the fair value of the land was reassessed by an independent valuer to be $2 950 000.

Required:

(i) Prepare the journal entry at 31 March 2017 to recognise the first revaluation of the land.

State the carrying amount of the land, after the revaluation, as at 31 March 2017

(ii) Prepare the journal entry at 30 September 2018 to recognise the second revaluation of the land.

(iii) Prepare the journal entry at 31 March 2020 to recognise the third revaluation of the land.

State the carrying amount of the land, after the revaluation, on 31 March 2020.