Endless Summer Ltd purchased two parcels of land (Bruce and Brown) for $2 000 000 each on 1 July 2012. Subsequent to initial measurement Endless Summer revalued the land. Fair values are as follows:
Parcel of land Fair value 30 June 2013 Fair value 30 June 2014
Bruce $1 800 000 $1 600 000
Brown $2 500 000 $2 200 000
Required
Prepare journal entries to record the revaluations on 30 June 2013 and 30 June 2014.