On December 31, 2022, ALR, Inc. classified one of its plant assets (land) as held for sale. The carrying value of the land as of that date was $2,000,000. The fair value less selling costs on that date was$1,800,000. As of December31, 2023, the company had not sold the asset, so it was still classified as held for sale. The fair value net of selling costs as of December 31, 2023, was $2,050,000. Based on this information, indicate how ALR should report the asset on the December 31, 2022, and December31, 2023, balance sheets. Prepare any journal entries required.

Now, record the journal entry to write down the asset on December 31, 2022. Next, determine how ALR should report the asset on its December 31, 2022 balance sheet. ALR will report the land at in of the balance sheet, on December 31, 2022, if material in amount. Finally, determine how ALR should report the asset on its December 31, 2023 balance sheet. ALR will report the land at in of the balance sheet, on December 31, 2023, if material in amount