Entity A is a local construction company, which provides construction services to different types of customers. To prepare for the company development, Entity A planned to acquire additional property for its own use in the year 2017.

On 1 July 2017, Entity A purchased a property (Land and Building) for $20,000,000. The value of the land and building are $2,400,000 and $17,600,000 respectively. The expected useful life of the building is 50 years with a residual value of $10,000.

Entity A paid 85% by a cheque on 1 July 2017 and the balance was settled on 1 August 2017 through a bank transfer.

On 30 June 2019, the property was revalued to $30,248,896 (land $3,920,896 and buildings $26,328,000) with a new estimated residual value of $120,000.

On 30 June 2021, the property was sold to Entity B for $34,400,000. Entity A received 55% on the same date and the balance was settled on 1 August 2021.

Entity A opts for the annual transfer of the revaluation reserve.

The end of the reporting period is 30 June. Entity A adopts the revaluation model and the straight-line depreciation method for the measurement of the property.

REQUIRED:

According to relevant accounting standards, prepare journal entries to record the transactions of Entity A from 1 July 2017 to 1 August 2021.