Balloon Ltd (Balloon) purchased an item of equipment on 1 July 2015 for $2 million. At that time the useful life of the equipment was assessed to be 10 years, with no residual value. Balloon applies the revaluation model to its equipment. On 30 June 2020 the carrying amount of the equipment was $1 million and the fair value of the equipment was assessed to be $1,100,000. Accordingly, a revaluation gain of $100,000 was recognised. The useful life of the equipment remained at five years. The same equipment is up for revaluation again on 30 June 2023 (three years later) and its fair value is assessed to be $400,000. an impairment loss of $40,000 an impairment loss of $30,000 $0 of impairment loss an impairment reversal of $30,000