Question: Tanaka Ltd. has land that cost 15,000,000. Its fair value on December 31, 2019, is 20,000,000. Tanaka chooses the revaluation model to report its land.

Tanaka Ltd. has land that cost ¥15,000,000. Its fair value on December 31, 2019, is ¥20,000,000. Tanaka chooses the revaluation model to report its land. Explain how the land and its related valuation should be reported.

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