What amount of gain on impairment recovery report

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Question - ABC Company reported an impairment loss of 5,200,000 in its income statement for the year 2016. This loss was related to a building that was acquired on January 1, 2012 with a cost of 80,000,000 (no residual value). Depreciation on the building is computed on a straight-line basis at the rate of 4% per year. Depreciation for the year 2017 was computed based on the asset's recoverable amount at December 31, 2016.

On December 31, 2021, the entity decided to measure its building using revaluation model. This building was then appraised to a fair value of 50,000,000.

What amount of gain on impairment recovery should ABC Company report in its 2021 income statement?

Reference no: EM133146507

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