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What is the impact of the journal entries on net income

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Question - DoDolemon owns land that was purchased for £300,000 to be used as the future site of a boat shed. Due to the development of a resort in the vicinity, the land's fair market value had risen to £480,000 and was revalued on 30 June 2017 accordingly. On 30 June 2018, the land was revalued to £150,000. What are the journal entries required to record the revaluations on 30 June 2017 and 30 June 2018? What is the impact of the journal entries on net income and total comprehensive income for the year ending 30 June 2018?

Reference no: EM132801688

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