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XYZ Company purchased a land for $ 1,000,000 during 2017 and chooses the revaluation model...

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Accounting

XYZ Company purchased a land for $ 1,000,000 during 2017 and chooses the revaluation model in accounting for its land.

Below are the following information:

Date

Fair Value

December 31, 2017

$ 1,120,000

December 31, 2018

$ 870,000

December 31, 2019

$ 1,110,000

a. How much is the recovery of impairment loss and revaluation gain on land for the year 2019? _____

b. What is the amount of unrealized gain on revaluation - land for the year 2019? ____

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