FRS-Options for Valuing PPE-Review Exercise Land is purchased for $100,000 on 1/2/12 Complete the following table. FV Reported amount Reported Amount Reported GAAP IFRS- revaluation Amount IFRS- option NOT chosen revaluation option chosen 12/31/12 12/31/13 12/31/14 12/31/15 10,000 130,000 90,000 110,000