Question $2$: $(13$ marks$)$

Orange Inc. owns a land that it purchased on January $1,2023$ for $4$ million. The following additional information is available:

Dec. $31,2023$ Fair value: $ $4,100,000$

Dec. $31,2024$ Fair value: $ $3,800,000$

The company uses the revaluation model to account for its land.

Required:

$1.$ On the company$$s $2023$ balance sheet, how will the company$$s balance sheet reflect the asset? $(2$ marks$)$

$2.$ On the company$$s $2023$ Income Statement, what$$s the impact of this land on net income? What$$s the impact of this land on other comprehensive income? If no impact, state so$.(3$ marks$)$

$3.$ On the company$$s $2024$ balance sheet, how will the company$$s balance sheet reflect the asset? $(4$ marks$)$

$4.$ On the company$$s $2024$ Income Statement, what$$s the impact of this land on net income? What$$s the impact of this land on other comprehensive income? If no impact, state clearly. $(4$ marks$)$