On 28 April 20X2, Peele Realty purchased land and building for $6.55 million and $4.69 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, 20X3 and 20X4 was $6.58 million, $6.28 million and $6.75 million. The fair value of the building at the end of 20X3 was $5.05 million. The building is amortized on a straight-line basis and has a 25-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 20X2, 20X3 and 20X4. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) > Answer is not complete. General Journal No Date 1 31 December 20X2 Land OCI: Gain on revaluation of Land 2 31 December 20X2 P&L: Loss on revaluation OCI: Gain reversal 3 31 December 20X4 Land P&L: Loss reversal Debit Credit 30,000 30,000 300,000 300,000 470,000 470,000