Question 1 (20 marks) Theta acquires a tract of land on January 1, 2020, for $215,000 cash. On December 31, 2020, the current market value of the land is $230,000. On December 31, 2021, the current market value of the land is $210,000. The firm sells the land on December 31, 2022, for $235,000 cash. Indicate the effect on the income statement and balance sheet (using cost method) on 31 December 2020 Your answer Indicate the effect on the income statement and balance sheet (using combined method) on 31 December 2021 Your