On 1 January 2020, the Pahang State Government had granted a piece of land to be developed by Medi Care Bhd as a Covid -19 Research Centre. The nominal cost and the fair value of the land as at that date was RM10,000 and RM6,000,000 respectively. Medi Care Bhd will develop the land and conduct impactful research within 5 years time. If the company accounts for the land at nominal value , the journal entries will be :

Debit LandRM10,000

Credit BankRM10,000

TRUE or FALSE?