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Sunshine Limited acquired some land in 2017 at a cost of $4 million. It measures land at cost. In 2018 it was determined that the

Sunshine Limited acquired some land in 2017 at a cost of $4 million. It measures land at cost. In 2018 it was determined that the recoverable amount of the land was $6 million. In 2019 it was determined that the recoverable amount of the land was $3 million. In 2020 it was decided to switch to the revaluation model and to revalue the land to its fair value, which was then assessed as having increased to $7 million.

Required:

Provide necessary journal entries (with narrations) to record the above movements in value in each of the respective years.

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