On January 1st, 2019 Nokia Corporation purchases a land for 500,000. Nokia uses Fair value Option (Accounting Revaluation) for the land. Requirements: Prepare all journal entries based on the following assumptions: 1- On December 31, 2019, Nokia Corporation received an independent appraisal indicating that the fair value of this land is $600,000. 2. On December 31, 2020, Nokia Corporation received an independent appraisal indicating that the fair value of this land is $450,000. 3. On December 31, 2021, Nokia Corporation received an independent appraisal indicating that the fair value of this land is $550,000. Exercise 2: Fair Value (Revaluation) Accounting for Depreciable Assets On January 1st, 2019 Nokia Corporation purchases equipment for 1,200,000. The equipment has a useful life of 5 years, is depreciated using the straight-line method of depreciation, and its residual value is zero. Nokia uses Fair value Option (Accounting Revaluation) for its PPE. Requirements: Prepare all journal entries based on the following assumptions: 1. On December 31st, 2019, Nokia Corporation received an independent appraisal indicating that the fair value of this equipment is $1,100,000. 2. On December 31st, 2020, Nokia Corporation received an independent appraisal indicating that the fair value of this equipment is $630,000. 3. On December 31, 2021, Nokia Corporation received an independent appraisal indicating that the fair value of this equipment is $500,000.