Wang Ltd. owns land(cost HK$200,000) for which it uses revaluation accounting. It has the following information related to this asset, the only land asset that Wang owns.

Date - Fair value

January 1,2018 - HK$200,000

December 31,2018 - 215,000

December 31,2019 - 185,000

December 31,2020 - 205,000

Instructions:

a) Prepare all entries related to the land for 2018.

b) Determine the amounts to be reported by Wang at December 31, 2019 and 2020, as Land, Other Comprehensive Income, Impairment Loss, and Accumulated Other Comprehensive Income.

c) Prepare the entry for any revaluation adjustments at December 31, 2019 and 2020.

d) Prepare the entries for the sale of the property by Wang on January 15, 2021, for HK$220,000.