Use this information for the next 4 questions

On December 31, Year 1, an entity revalued its machinery. On that date, the entity gathered the following information to aid the revaluation:

Historical cost $500,000

Accumulated depreciation 140,000

Fair value 420,000

Question 1: How much is the revaluation gain or loss?

Question 2: Was the previous gain or loss reported in the income statement or other comprehensive income?

In year 2 the carrying value is $340,000 and the fair value is $200,000. Question 3: How much of the loss will be reported in other comprehensive income? Record a negative number.

In year 2 the carrying value is $340,000 and the fair value is $200,000. Question 4: How much of the loss will be reported in the income statment? Record a negative number.