Bruce and Haiwen started a company together in Montreal. Recently, they got into some arguments with the accounting of their car in the company. They purchased a Ghibli on June 25, 2019 at a price of $80,000. The car is expected to have a physical life of 10 years, after which the residual value would be zero. However, they only intend to use the car for 4 years, after which they would be selling the car at an estimated price of $13,000 and relocating to the lovely Toronto in Canada.

After owning the cars, they finally realized they are stupid because car is a depreciating asset and it is not a good investment for the company. Suppose now they get smarter and follow the footsteps of their company mentor, Dr. D, and invest into real estate. They purchased a piece of vacant land at the end of 2018 at a price of $500,000 in Old Montreal. After a small increase in the market value in 2019, to $520,000, by the end of 2020, the fair market value of the land has dropped to $390,000 with the unprecedented market situation. Calculate the revaluation impact for the year of 2020 on (1) other comprehensive income if the land is classified as PP&E, (2) net income if the land is classified as PP&E, (3) other comprehensive income if the land is classified as investment property, (4) net income if the land is classified as investment property