Orange Inc. owns a land that it purchased on January 1 , 2 0 2 3 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: On the company’s 2023 balance sheet, how will the company ’ s balance sheet reflect the asset?