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Question - On December 31, 2020, Bergs Co. classified its building with a carrying amount of 2,000,000 and fair value less cost to sell of 1,650,000 as held for sale. Consequently, an impairment loss of 350,000 was recognized on that date. The building was not sold in 2021. However, the exception to the one-year requirement was met. On December 31, 2021, the fair value less cost to sell of the building is 1,550,000.
The building was not sold in 2022 and the exception to the one-year requirement was still met. The fair value less cost to sell of building increased to 2,100,000 on December 31, 2022.
Required - What the amount of gain on reversal of impairment to be recognized in 2022?
A. 350,000
B. 100,000
C. 450,000
D. 550,000
Prepare the year end journal entry to record the unrealized gain or loss.
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