Question no 2

Greenhouse ltd has acquired some land on 1 july 2018 a cost of $ 4,200,000. It measures land at cost . on 30 june 2019, it was determined that the recoverable amount of land was $ 5,200,000.o n30 june 2020, it was determined that the recoverable amount of the land was $ 3,000,000. On 30 june 2021 , it was decided to switch to the revalution model and to revalute the land on its fair value, which was the assessed as having increased to $ 5,000,000.

Requirement:

Prepare the journal entries to account for the above movements in values at the following dastes. If no entry is required for a transaction or event, enter no journal entry is required: In the first account field

1. 1 july 2018
2. 30 july 2019
3. 30 june 2020
4. 30 june 2021

Date	Amount	Debit	Credit