A10-28 Revaluation Model (Appendix 2): Real Estate Inc. (RET) 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 list the amounts and direction of the gains, gain reversals, losses, and loss reversals. Also indicate whether the amounts would be recorded as other comprehensive income or in earnings. 2. What would be different in your response to requirement if the fair value model was selected by REI? ** A10-29 Asset Impairment (ASPE): Refer to the facts in A10-21 and assume the company is following the accounting standards for private ente rises, Required: Is the machine impaired? If so, what is the amount of the impairment loss