Seagull Marinas Ltd Owns Land That Was Purchased for $300 $\text { 30-Jun-09 }$

Seagull Marinas Ltd 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 2009.A revaluation undertaken on 30 June 2012 of $150,000 reflects the effect of the failure of resort development and local concerns about the protection of the nesting sites of endangered sea birds located near the land.What are the journal entries required to record the revaluations on 30 June 2009 and 30 June 2012?

A) $\text { 30-Jun-09 }$
$\begin{array}{|l|l|l|l|}\hline \mathrm{Dr} & \text { Land } & 180000 & \\\hline \mathrm{Cr} & \text { Gain on revaluation of land } & & 180000 \\\hline\end{array}$

$\text { 30-Jun-12 }$
$\begin{array}{|l|l|l|l|}\hline \mathrm{Dr} & \text { Loss on revaluation of land } & 330000 & \\\hline \mathrm{Cr} & \text { Land } & & 330000 \\\hline\end{array}$
B) $\text { 30-Jun-09 }$
$\begin{array}{|l|l|l|l|}\hline \mathrm{Dr} & \text { Land } & 180000 & \\\hline \mathrm{Cr} & \text { Asset revaluation reserve } & & 180000 \\\hline\end{array}$

$\text { 30-Jun-12 }$
$\begin{array}{|l|l|r|l|}\hline \mathrm{Dr} & \text { Asset revaluation reserve } & 180000 & \\\hline \mathrm{Dr} & \text { Loss on revaluation of land } & 150000 & \\\hline \mathrm{Cr} & \text { Land } & & 330000 \\\hline\end{array}$
C) $\text { 30-Jun-09 }$
$\begin{array}{|l|l|l|l|}\hline \mathrm{Dr} & \text { Land } & 180000 & \\\hline \mathrm{Cr} & \text { Gain on revaluation of land } & & 180000 \\\hline\end{array}$

$\text { 30-Jun-12 }$
$\begin{array}{|l|l|l|l|}\hline \mathrm{Dr} & \text { Loss on revaluation of land } & 150000 & \\\hline \mathrm{Cr} & \text { Land } & & 150000 \\\hline\end{array}$
D) $\text { 30-Jun-09 }$
$\begin{array}{|l|l|l|l|}\hline \mathrm{Dr} & \text { Land } & 180000 & \\\hline \mathrm{Cr} & \text { Asset revaluation reserve } & & 180000 \\\hline\end{array}$

$\text { 30-Jun-12 }$
$\begin{array}{|l|l|l|l|}\hline \mathrm{Dr} & \text { Asset revaluation reserve } & 330000 & \\\hline \mathrm{Cr} & \text { Land } & & 330000 \\\hline\end{array}$