In the first year of business, Newport Ltd purchased land for $5 million. In the second year, a reputable, independent property value's report shows that the value of the land is estimated at $2 million. In the third year, the value of the land is estimated at $6 million. Newport Ltd uses the revaluation method. What would be the journal entry to record this revaluation in the third year?

a). DR Land 4m; CR Gain on revaluation 3m; CR Revaluation surplus 1m
b). DR Land 4m; CR Gain on revaluation 1m; CR Revaluation surplus 3m
c). DR Land 4m; CR Gain on revaluation 2m; CR Revaluation surplus 2m
d). DR Land 4m; CR Gain on revaluation 4m