On January 1, 2020, Racelle Company purchased land at a cost of P6,000,000. The entity used the revaluation model for The fair value of the land was P7,000,000 on December 31, On July 1, 2022, the entity decided to sell the land and Prob this asset. 2020 and P8,500,000 on December 31, 2021. therefore classified the asset as held for sale. The fair value of the land on July 1, 2022 is P7,600,000. The estimated cost of disposal is very minimal. On December 31, 2022, the land was sold for P8,000,000. 1. What amount in OCI should be recognized in the statement of comprehensive income for the year ended December 31, 2021? a. 2,500,000 b. 1,500,000 C. 400,000 d. 900,000 2. What amount of gain or loss on sale of land is recognized in 2022? a. 2,000,000 gain b. 1,000,000 gain 400,000 gain d. 500,000 loss c. 3. What amount of OCI is recycled to retained earnings in 2022? a. 1,000,000 b. 1,600,000 c. 2,500,000 d. 2,000,000