SunShine Ltd acquired a block of land on 1 July 2019 for $200,000 in cash and elected to value the asset on a fair value basis. Due to increased housing demand in the area, the land has a market value of $290,000 on 30 June 2020. Sometime later, however, it becomes known that the land and its surrounding area was previously the site of a toxic dump. As a result, the market value falls to $140,000 on 30 June 2021.

What are the journal entries to revalue the asset to fair value in accordance with the requirements of AASB 116 Property, Plant and Equipment at 30 June 2021?

Group of answer choices

We cannot make journal entries because there is no information about depreciation

	DR	CR
Land	90,000
Gain on Revaluation		90,000
Asset Revaluation Surplus		90,000
Gain on Revaluation	90,000

	DR	CR
Asset Revaluation Surplus - Land	90,000
Revaluation Loss (P/L)	60,000
Land		150,000

	DR	CR
Revaluation Loss (P/L)	15,000
Land		150,000