In 1968 , the Brennan Company purchased a parcel of land on the corner of Westheimer Road and Kirby Drive in Houston Texas for $20,000. The land has been held by Brennan as an investment with no improvements being made on the land. An appraisal of the land in 2022 had the value at $2,225,000. 1. What value is recorded on Brennan's balance sheet for the land at December 31, 2022 ? 2. What value would be recorded if the appraisal of the land in 2022 had been $6,500 ? Impact on balance sheet and income statement 3. Assume the land purchased in 1968 was in Paris, France and a similar appraisal was made in 2022. What value is recorded on Brennan's balance sheet and income statement at and as of December 31, 2022