Brahms Ltd acquired a property of land and building for $1.5 million. Management estimates the value of land to be 40% of the cost. The building is estimated to have a useful life of 50 years. After 25 years, the property was revalued at $1.2 million. It is expected that the life of the building will remain the same and salvage value is expected to be $100,000. What is the revaluation gain (loss) for the building and the depreciation expense one year after revaluation?

Answer: Revaluation gain = $220,000 Depreciation expense one year after revaluation = $24,800

REQUIRED: Show the workings for the final answer above. (P.S. I do not understand how they have arrived at this final answer)