SWAG Properties Limited is a company with a $31$ December financial year$-$end

$31$ December $2022$ financial year

On $1$ January $2022,$ the company purchased land for R$5000000.$ The land is used

for SWAG Properties Limited$$s own operations.

SWAG Properties Limited paid a R$1000000$ cash deposit on $1$ January $2022$ for the

land. Nebbank Limited financed the remainder of the purchase price. The financing

was provided at an annual interest rate of $11\%.$ Annual repayments are due in arrears on $31$ December over a period of $20$ years.

The land has an indefinite useful life and is not depreciated. On $31$ December $2022,$

SWAG Properties Limited obtained a valuation report from an independent appraiser,which estimated the fair value of the land at R$5300000.$

$31$ December $2023$ financial year

On $31$ December $2023,$ SWAG Properties Limited obtained a valuation report from an independent appraiser, which estimated the fair value of the land at R$4900000.$

$31$ December $2024$ financial year

On $1$ July $2024,$ SWAG Properties Limited decided to rent out the land to a third party for five years. Per the valuation reports generated, it indicated that the fair value of the land was R$5100000$ on $1$ July $2024$ and R$5200000$ on $31$ December $2024.$

Additional information

$$ SWAG Properties Limited applies the revaluation model for its owner$-$occupied

land.

$$ SWAG Properties Limited applies the fair value model for its investment properties.

$$ You can ignore all tax implications.

Prepare all the general journal entries to record the transactions relating to the

land in the records of SWAG Properties Limited for the financial year ending $31$

December $2024.$

Show all calculations and round all answers to the nearest Rand.

Journal dates and narrations are not required.