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Zell Company, an IFRS reporter, has opted to revalue land. The land originally cost 1,930,000 on January 1. At the end of the year, the
Zell Company, an IFRS reporter, has opted to revalue land. The land originally cost 1,930,000 on January 1. At the end of the year, the land is appraised at 2,260,000. Determine the amount of gain or loss on the asset revaluation and indicate where to report this information on the consolidated financial statements. (Use a minus sign or parentheses for any loss amounts.)
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