Question: Perlu Products reported a write- down loss of $ 65,000 for one of its plant assets on December 31, 2015. The asset is currently held

Perlu Products reported a write- down loss of $ 65,000 for one of its plant assets on December 31, 2015. The asset is currently held for disposal. At December 31, 2016, the fair value of the asset increased by $ 90,000. Can Perlu record a recovery? Prepare the journal entry to record the recovery if it is permitted.

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