Newport Ltd purchased land for $6 million. In the second year, a reputable, independent property valuer's report shows that the value of the land is estimated at $3 million. In the third year, the value of the land is estimated at $7 million. Newport Ltd uses the revaluation method. What would be the journal entry to record this revaluation in the third year?

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To record the revaluation of the land in the third ... View the full answer