Analyze the authentic accounting scenario given below. Exercise your professional judgment and apply specific regulations of the appropriate accounting standard(s) to solving the recognition, measurement, and financial reporting questions. On 1 January 2020 the company bought drilling equipment with a piece of land for OMR 100,000 on account. The cost of the land element was OMR 25,000. The expected useful life of the equipment is 10 years and its residual value nil. The company uses a straight-forward depreciation method. On 31 December 2021, the fixed assets were revalued to OMR 120,000, of which the land element was OMR 30,000. On 31 December 2022, the property was sold for OMR 85,000. REQUIRED: Explain what would be reported in the Statement of Comprehensive Income (Statement of Profit and Loss) for the year ended 31 December 2022 the gain or loss on disposal. Justify your answer with all the necessary calculations and refer to the regulations of the appropriate IFRS/IAS