Star limited purchased a pierce of land on 1 January 2013 at cost of 2 500 000

Star subsequently measures its land using the revaluation model.it is the policy of the company to determine the fair value of the land every 2 years. The fair value is as follows:

31 December 2015 4 750 000

31 December 2016 1 450 000

31 December 2019 3 500 000

Taxx authorities levy income tax at 30% of taxable profit

Capital gains are included in the taxable profit using a capital gains inclusion rate of 80%

The cost of land is not deductible in the calculation of taxable profits

Star limited intends to keep the land

Require:

Journal entries relating to land for the years ending 31 December 2013 to 31 December 2019