Chan Group uses revaluation accounting for a class of equipment it uses in its Tennis club business. Chan purchased the equipment on January 1, 2019, for $600,000; it has a 10-year useful life with no residual value. Chan Group has the following information related to the equipment. (Assume that Chan uses Straight-line method for depreciation and the estimated useful life and residual value does not change during the periods presented below.) Date Fair Value January 1, 2019 $600,000 567,000 December 31, 2019 December 31, 2020 440,000 460,000 December 31, 2021 8. Depreciation of equipment & AOCI adjustment, if any, on 12-31-2021 9. Revaluation of equipment on 12-31-2021 10. Determine the amounts to be reported by Chan Group at December 31, 2021. (Insert a bracket for the expenses, losses or negative balance) WORKINGS 12/31/2021 BALANCE +/(-) Equipment (Impairment Loss) Recovery of Impairment Loss Other Comprehensive Income - Unrealized Gain/(Loss) on revaluation - equipment (OCI) Accumulated Other Comprehensive Income