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Namib Mills purchased land on 1 January 2019 at a cost of $500. The company has been using the revaluation method to determine the fair

Namib Mills purchased land on 1 January 2019 at a cost of $500. The company has been using the revaluation method to determine the fair value of the land. Below are the fair values on specified revaluation dates.

31 December 2020 $750

31 December 2021 $450

31 December 2022 $500

Required

Write journals to account for the land on years ending 2020 through to 2022.

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