Clark Properties Ltd$.$ is a publicly listed company following

$6$ IFRS. The company owns land, information of which is provided here as of December $31,2023.$

$8$

$9$

Carrying value of land

S

$540,000$

$10$

Value in use of land

$455,000$

$11$

FV of land less costs to sell

$420,000$

$12$

$13$ Due to an economic rebound in the area, by the end of the

$14$

following year, the land had increased in value, as $15$ presented here.

$16$

$17$

Value in use of land

$ $570,000$

$18$

FV of land less costs to sell

$505,000.$ prepare the journal entry to record the increase in its recoverable amount