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. 2. Show the Operating Assets Schedule from January 1, 2001 to January 1, 2004. 3. Determine the amount of gain or loss during the sale using: a. IFRS b. US GAAP