An entity applies the revaluation model to the class 'land'. A plot of land is carried at 500,000 and its own revaluation surplus amounts to 60,000. At the new revaluation date, its fair value is 420,000. Record the revaluation entries.
- Revalued carrying amount of the land before the revaluation
- 500,000
- Existing revaluation surplus for this land
- 60,000
- Fair value at the revaluation date
- 420,000