Crane Inc. is a publicly traded company that uses straight$-$line depreciation and the revaluation method. Crane purchased a building on

May $1,2023$ for $$764000.$ The building is expected to have a $25-$year useful life with no residual value. Crane applies the asset

adjustment method to the building at the December $31,2025$ year end. The building's fair value is $$682507.$ What is the revaluation

surplus or loss?

$$2500$ loss $$81493$ loss $$0$ $$10000$ surplus

On April $1,2023,$ Crane Limited sold some equipment for $$58200$ cash. The original cost on January $1,2017$ was $$145000.$

Accumulated depreciation at December $31,2022($the company's year end$)$ was $$84000.$ The equipment was being depreciated over

$10$ years on a straight$-$line basis with no residual value. What is the gain or loss on sale of the equipment?

$$2800$ loss

$$825$ gain

$$1975$ loss

$$4450$ gain