Housing Developments Ltd purchased land for $750,000 in 2016. It was revalued to $950,000 in 2020. On 14 March 2022, the land is sold for $1,050,000 to Best Builder Ltd. At the time of sale, Best Builder Ltd owed Housing Developments Ltd $50,000, and so the purchase price included cash and the settling of this debt. The sale of the land needs to be recorded. Note: Any amount in the Revaluation Surplus account related to land should be eliminated or transferred to retained earnings upon sale of the land. Ignore GST. Required: Prepare the journal entry for the sale of the land. Use the answer template below or upload your answer in a Word document. A BIT GO # Housing Developments Ltd's General Journal: Date 14/3/2022 US X2 x Account Names Debit Credit (To record the sale of land) I 5 3 marks