1. Mimi Company uses IFRS and the revaluation model for its equipment. The company uses the option to close a portion of Revaluation Surplus for deprecation. The company revalued the following equipment in 2019 and sold it at the end of 2020. Note that the account balances provided below already include the 2020 depreciation entries. Revalued the equipment on December 31, 2019 to $2,000,000. After December 31, 2020 depreciation expense has been recorded, the balance in the Accumulated Depreciation account is $300,000. After December 31, 2020 depreciation expense has been recorded, the balance in the Revaluation Surplus account is $300,000. The company sold the equipment on December 31, 2020 for $1,900,000. The company would recognize a gain or loss on its income statement of:

   		A gain of $500,000
   		A gain of $200,000
   		A gain of $100,000
   		A loss of $100,000