1 L 1J14 15 16 17 18 19 20 Durable Products Co. had an appraisal performed at year-end on its fixed assets, which included the following fair values buildings, $42.000.000; machinery, $27.500.000, and land, $54,000,000. The carrying value for the company's buildings machinery, and land were $44,000,000, $29,000,000, and $48,500,000, respectively, at year-end. Assuming that Durable Products Co. adheres to IFRS and applies the revaluation model for its fixed assets, what is the effect of the revaluation on the company's financial statements at year-end? $2,000,000 income on income statement. $3,500,000 loss on income statement: $5,500,000 gain in other comprehensive income $2,000,000 gain in other comprehensive income. $5,500,000 income on income statement: $3,500,000 loss in other comprehensive income. earch