Company Twelve purchased land for $900,000. Fair value was $1,250,000 at the beginning of the year and $820,000 at the end of the year. Requirement Prepare the journal entry to record the revaluation adjustment. (Record debits first, then credits. Explanations are not required.) . . . .. Date Accounts Debit Credit Gain on land revaluation (through income) Land Loss on land revaluation (through income) Other comprehensive income - revaluation loss