White Ski Resorts operates a series of ski resorts in northern Europe and reports under IFRS. halance sheet under Property, plant, and equipment. The appraisal value for the land $($which On June $30,20$X$0,$ White purchased land for $3,000,000.$ White reports land values on the you can assume is the same as the recoverable amount$)$ was reported as:

Required:

Appraisal Date

$12/31/20$X$0$

$12/31/20$X$1$

$12/31/20$X$2$

Land Value

$3,150,000$

$2,750,000$

$2,850,000$

$1.$ Prepare the journal entries at the end of $20$X$0,20$X$1,$ and $20$X$2$ to record any changes in value to this land asset if White chooses the IFRS cost model to value this property. Prepare the journal entries at the end of $20$X$0,20$X$1,$ and $20$X$2$ to record any changes in value to this land asset if White chooses the IFRS revaluation model to value this property.