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| Veronica Corp. uses the revaluation model for intangible assets. On March 1, year 1, Veronica acquired intangible assets with an indefinite life for $200,000. On December 31, year 1, it was determined that the recoverable amount for these intangible assets was $180,000. On December 31, year 2, it was determined that the intangible assets had a recoverable amount of $187,000. How should Veronica recognize the gain or loss in the December 31, year 2 financial statements? A. Loss on the income statement of $20,000. B. Gain on the income statement of $7,000. C. Unrealized loss in other comprehensive income of $20,000. D. Unrealized gain in other comprehensive income of $7,000. |