Ice Cap Hotels operates a series of northern European hotels and reports under IFRS. On June 30, 2013, Ice Cap purchased land for €3,000,000. Ice Cap reports land values on the balance sheet under Property, plant, and equipment. The appraisal value for the land (which you can assume is the same as the recoverable amount) was reported as:
1. Prepare the journal entries at the end of 2013, 2014, and 2015 to record any changes in value to this land asset if Ice Cap chooses the IFRS cost model to value this property.
2. Prepare the journal entries at the end of 2013, 2014, and 2015 to record any changes in value to this land asset if Ice Cap chooses the IFRS revaluation model to value this property.
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