Revaluation with previous gains or losses

Hi Tutor,

Please advise if the accounting treatment below are ok.

Q: ABC Co bought a property for $100m on 1 Jan X1. On 31 Jan X1, because of a property boom, the value of this property had increased to $130m. On 31 Dec X2, the property market crashed because of a world-wide economic recession and the property is now worth only $90m. However, by 31 Dec X3, the economy had recovered strongly and the value of the property had risen to $150m. Show the entries in the books of ABC Co. assuming that the company has a 31 Dec year end.

A:
Journal entries for the year ended 31 Dec X1:
Dr Property, Plant & Equipment $30m (SFP)
Cr Revaluation Reserve $30m (SFP)

Extract of Statement of Profit or Loss & Other Comprehensive Income for the year ended 31 Dec X1:
Other Comprehensive Income:
Revaluation Gain $30m

Journal entries for the year ended 31 Dec X2:
Dr Revaluation Reserve $30m (SFP)
Dr Revaluation loss $10m (SPL)
Cr Property, Plant & Equipment $40m (SFP)

Extract of Statement of Profit or Loss & Other Comprehensive Income for the year ended 31 Dec X2:
Operating Expense:
Revaluation loss $10m

Other Comprehensive Income:
Revaluation loss $30m

Journal entries for the year ended 31 Dec X3:
Dr Property, Plant & Equipment $60m (SFP)
Cr Revaluation Gain $10m (SPL)
Cr Revaluation Reserve $50m (SFP)

Extract of Statement of Profit or Loss & Other Comprehensive Income for the year ended 31 Dec X3:
Income:
Revaluation Gain $10m

Other Comprehensive Income:
Revaluation Gain $50m