Non-depreciable land was purchased on 1 July 20X3 for R2 000 000.

This land is measured under the revaluation model, with fair values determined at year-end as follows:

30 June 20X4: R1 300 000

30 June 20X5: R2 800 000

30 June 20X6: R1 980 000

Any revaluation surplus will be transferred to retained earnings on disposal of the asset. gnore tax.

Fill in the missing words and missing amounts

The revaluation in 20X4 results in (an increase/a decrease) in the land's carrying amount that is accounted for by (debiting/crediting) the land's cost account and (debiting/crediting) the (revaluation surplus/revaluation expense/revaluation income account with (R700000/R1300000).