Transactions from Gravenhurst Inc.'s current year follow. Gravenhurst follows IFRS.

• 1.Gravenhurst Inc. thinks it should dispose of its excess land. While the carrying value is $50,000, current market prices are depressed and only $25,000 is expected upon disposal. The following journal entry was made:The following journal entry was made:

Loss on Disposal of Land 25,000

Land. 25,000

In each of the above situations, discuss the appropriateness of the journal entries in terms of generally accepted accounting principles. For the purposes of your discussion, assume that the financial statements, particularly net income, will be used by the court in a divorce settlement for the company president's spouse.

should it be reverse it?? can you help me to solve this question?