A company purchases a piece of land for $100,000 on January 1, 2011 and chooses to report the land using the revaluation method allowed under IFRS. Valuations of the land at December 31st over the next six years include the following:
• 2011 - $110,000
• 2012 - $80,000
• 2013 - $81,000
• 2014 - $105,000
• 2015 - $130,000
Prepare all adjusting journal entries required through 2015.