QUESTION 24 ABC Company acquired a new piece of land on April 1, 2010 for cash of $200,000. ABC Company reports under IFRS and revalues its land. On December 31, 2015, the fair value of the land is $120,000. On December 31, 2018, the fair value of the land is $350,000. What is the journal entry on December 31, 2015? 80.000 Loss on Revaluation of Land a. Land 80,000 80,000 Revaluation Surplus O b. Land 80,000 Land 80,000 Revaluation Surplus 80,000 Land 80,000 Loss on Revaluation of Land 80,000 e. None of these