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Gau reports under ifrs and revalues

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Reference no: EM13511516

Grandpas Are Us (GAU) recently acquired a new piece of land in Burton County on April 1, 2012.
The land cost $500,000. GAU reports under IFRS and revalues its land. On December 31, 2017,
the fair value of the land is $450,000. On December 31, 2020, the fair value of the land is
$520,000.
? Provide all necessary journal entries for 2012 through 2020.

Reference no: EM13511516

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