Question #3 - IAS 16 Property, Plant and Equipment < A property was purchased at a cost of $10m on 1 January 2019. It has a useful life of 10 years with straight-line depreciation and no residual value. < < (a) At 1 January 2020, the property was revalued to $12m and its useful life remains unchanged. Prepare the journal entry to account for this revaluation. < < (b) At 1 January 2021, the property was revalued to $6m and its useful life remains unchanged. Prepare the journal entry to account for this revaluation. < < (c) At 1 January 2022, the property was revalued to $10m and its useful life remains unchanged. Prepare the journal entry to account for this revaluation. < < Show your workings clearly and specify the nature of the accounts (i.e. P&L or OCI) in the journal entries.