Problem 1 The Valient Corporation uses the revaluation model for their land holdings. They currently have two parcels of land, both purchased in 20x0. Data for the two land parc are as follows: Original cost - 20x0 Fair value - Dec 31, 20x2 Fair value - Dec 31, 20x4 Fair value - Dec 31, 20x6 Land 1 $500,000 640,000 720,000 680,000 Land 2 $350,000 390,000 300,000 330,000 On July 14, 20x7, Land 1 was sold for $710,000. Write the journal entries to reflect all of the above. You do not need to write the 20x0 land purchase journal entries