Journal entry worksheet Record the gain or loss on revaluation of land if the fair value of the land at the end of 203 was $5.34 million. Note: Enter debits before credits. On 28 April 202, Peele Realty purchased land and building for $5.55 million and $3.69 million, respectively. The company uses the revaluation model for the land and building. Assume that the land is revalued annually. The building is revalued every two years. The fair value of the land at the end of 202,203 and 204 was $5.58 million, $5.34 million and $5.72 million. The fair value of the building at the end of 203 was $4.05 million. The building is amortized on a straight-line basis and has a 30-year useful life. Peele takes a full year of depreciation in the year acquired. Required: 1. Prepare the journal entries under the revaluation model for the land in 202,203 and 204. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the $5.55 million land purchased on 28 April 202 if the fair value of the land at the end of 202 was $5.58 million. The company uses the revaluation model. Assume that the land is revalued annually. Note: Enter debits before credits