Problem 2 Nonchalant Company owned three investment properties with the following details: Initial Fair value Fair value Cost December 31, 2020 December 31, 2021 Property 1 2,700,000 3,200,000 4,000,000 Property 2 3.450,000 3,000,000 2,100,000 Property 3 3,300,000 3,900,000 3,600,000 Each property was acquired in 2020 with a useful life of 10 years. The accounting policy is to use the fair value model for investment property. What is the gain or loss to be recognized for 2021? a. 900,000 loss b. 400,000 loss 650,000 gain d. 300,000 loss