Wright Now Limited (WNL)was incorporated on January 1, 2020 when the sole shareholder invested $7,500,000. This is the only financing the firm needed. WNL used $1,200,000 of the funds to purchase land. The company has a single project that it developed over four years. Below are details of the four years of operations. At the end of 2023 the land was sold for its fair value.

\begin{array} { | l | r | r | r | r | } \hline \text { in thousands) } & 2020 & 2021 & 2022 & 2023 \\\hline \text { Revenue - all cash } & \$ 3,100 & \$ 3,500 & \$ 2,600 & \$ 2,400 \\\hline \text { Expenses - all cash } & 2,900 & 2,900 & 2,200 & 2,300 \\\hline \text { Fair value of land, end of year } & 1,550 & 1,150 & 1,400 & 1,500 \\\hline\end{array}

Required:
Complete the following table, assuming that WNL uses the revaluation model of measurement. OCI refers to other comprehensive income.

\begin{array}{c}\begin{array}{|l} \hline\text { Revaluation ( \( \$ 000 \) 's) } &\\\hline \text { Revenue } &\\ \hline\text { Expenses} &\\\hline \text { Revaluation gain (loss) } &\\\hline \text { Gain on disposal of land } &\\\hline \text { Net income} &\\ \hline\text { OCI for revaluation gain (loss)} &\\\hline \text { Comprehensive income } &\\\hline\\\hline \text { Cash } &\\\hline \text { Land } &\\ \hline\text { Total assets} &\\\hline\\ \hline\text { Share capital } &\\ \hline\text { Accumulated revaluation surplus} &\\\hline \text {Retained earnings } &\\\hline \text {Total shareholder's equity } &\\\hline\end{array}\begin{array}{|r|}\hline 2020 \\\hline \$ 3,100 \\\hline 2,900 \\\hline \\\hline \\\hline \\\hline\\\hline \\\hline \\\hline{\$6,500} \\\hline 1,550\\\hline {\$8,050}\\\hline \\\hline {\$7,500}\\\hline \\\hline \\\hline \\\hline \end{array}\begin{array}{r|}\hline2021 \\\hline{\$3,500} \\\hline 2,900\\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \end{array}\begin{array}{r|}\hline2022 \\\hline{\$2,600} \\\hline 2,200\\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \end{array}\begin{array}{r|}\hline2023 \\\hline{\$2,400} \\\hline 2,300\\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \\\hline \end{array}\end{array}

What Is a "Discontinued Operation

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