Real Estate Incorporated (REI) has made the decision to use the revaluation model for its land. This is the only tract of land in this class. REI has a 31 December year- end. The following are independent situations.
Case A REI purchased a tract of land in 20X1 for $ 100 million. At 31 December 20X1, the land was valued at $ 130 million.
Case B REI purchased a tract of land in 20X1 for $ 140 million. At 31 December 20X1, the land was valued at $ 110 million. At 31 December 20X2, the land was valued at $ 160 million.
Case C REI purchased a tract of land in 20X1 for $ 120 million. At 31 December 20X1, the land was valued at $ 170 million. At 31 December 20X2, the land was valued at $ 110 million.

Required:
1. For each case explain the impact on other comprehensive income, revaluation surplus, and statement of profit or loss (income statement).
2. What would be the difference if the fair value model was selected by REI?