Croatia Company purchased land in 2015 for \($300\),000. The land’s fair value at the end of 2015 is \($320\),000; at the end of 2016, \($280\),000; and at the end of 2017, \($305\),000. Assume that Croatia chooses to use revaluation accounting to account for its land.

Instructions Prepare the journal entries to record the land using revaluation accounting for 2015–2017.