E11.24 (LO5) (Revaluation Accounting) Croatia Company purchased land in

2019 for $300,000. The land

'

s fair value at the end of 2019 is $320,000; at

the end of 2020, $280,000; and at the end of 2021, $305,000. Assume that

Croatia chooses to use revaluation accounting to account for its land.

Instructions

Prepare the journal entries to record the land using revaluation accounting for

2019

2021.