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| Parker Corporation prepares its financial statements in accordance with IFRS. Parker uses the revaluation model for reporting plant, property, and equipment. Parker paid $400,000 for equipment on January 5, year 1. The equipment is valued at $410,000 on December 31, year 1. The $10,000 gain should be included in A. Income for the period. B. Gain from revaluation on the income statement. C. A revaluation surplus account in other comprehensive income. D. An extraordinary gain on the income statement. |