Hunter Company

Hunter Company acquired a piece of land for $6,000,000 in late 2020 and held it all through 2023.

Year-end fair value was determined as follows:

2020: $6.000,000 (unchanged from purchase date)

2021: $3,750,000

2022: $12,750,000

2023: $14,500,000

Required:

Using the financial statement effects template, indicate the effect of the following transactions and events, if needed, assuming that the land is valued

(1) at historic cost,

(2) using the revaluation model, and

(3) using the fair value method.

If no entry is required, write "no entry" in the block.

(Note: you may find it helpful to copy and paste the solution template from "Blue Company," from the review problems.)