ABC Co. acquires an Operating Assets on January 1, Year 1, at $20,000,000. The useful life is 20 years and zero residual value. Straight Line Depreciation. The Company use the Revaluation Model of IFRS. On December 31, Year 2 the fair value of the assets is $18,360,000. On January 2, Y4 the Company sells the asset for $17,200,000.

Use Proportional Method and Elimination Method.

Required:

1. Determine the amount of Revaluation. (5 points)

For year 2

2. Show the Operating Assets Schedule from January 1, 2001 to January 1, 2004 (10 points)
3. Determine the amount of gain or loss during the sale using: (5 points)

a. IFRS

b. US GAAP