Ch 2 Revaluation loss recognition.

You said sir, that my entry is fine, which is mentioned above.
So what is going to be the presentation of statement of financial position and profit or loss statement in that case?

Thank you in advance.

Dear Chris,

I hope you are safe and well,
First of all I would like to thank you for your appreciated effort and informative lecture,
in regards to revaluation loss, I am going to present example 2 and its solution of the financial statement.
Could you correct any error of the following entries and the presentation of the financial statement,please?
Given information.
On 01.01.2013
PPE=$12000
Residual value =0
Expected useful life =10 Yrs,
31.12.2014
The asset was revalued at its fair value to be $14000
On 31.12.2015
The asset was revalued at its fair value to be $8000
Required the financial statement for the year ended 31.12.2015
Solution
Assets carrying value before the first revaluation as follow
=the original value less the accumulated depreciation.
Accumulated depreciation =(12000/10yrs) x 2yrs
= $2400
Then the carrying value = 12000-24000=9600
On 31.12.2014 at the date of revaluation
Gain of revaluation = $14000-$9600
=$4400
Cr:Gain on revaluation (OCI) $4400
Dr:Accumulated depreciation(SFP) 2400
Dr: P.P.E SFP (balancing figure) 2000
The depreciation Expense for the year of 2015
Annual depreciation expense =(14000/8yrs)
=1750
Dr Depreciation expense (SPL) $1750
Cr Accumulated Depreciation (SFP) $1750

by the end of the year gain on revaluation account is going to be closed to Revaluation surplus account in the equity section through the following entry
Dr Gain on revaluation (OCI) $4400
Cr Retained earnings (SFP) $4400
At the end of the year we should increase the profit of the year through the retained earning account due to the excess depreciation expense charged to the profit or loss account due to the increase in the value of the PPE due to the revaluation surplus
Then, Excess depreciation =$1750-1200=550
Dr revaluation reserves 550
Cr Retained earnings 550
The financial position before the 2nd revaluation AT 31.12.2015
**Statement of the financial position
PPE(NCA) 12250
Revaluation Reserves(Equity section) 3850
**Statement of the profit or loss
Depreciation expense(SPL) 1750
Gain on revaluation (OCI) 4400
At the date of the 2nd revaluation On 31.12.2015
the value of the PPE was fallen to 8000
Impairment loss =$12250-8000=4250
Cr Accumulated depreciation (SFP) 4250
Dr Revaluation Reserves (SFP) 3850
Dr Impairment loss (balancing figure) $400
The presentation of the financial statement after the second revaluation n 31.12.2015
**Statement of the financial position
PPE $8000
Revaluation Reserves $0
**Statement of the profit or loss
Depreciation expense $1750
Impairment loss $400

Could you sir check out the presentation of the financial statement at 31.12.2015 and tell me the errors, please?
Sorry for the long question and your time,
Thank you so much.

Dear Chris,

I hope you are safe and well,
Regarding the impairment loss that you have mentioned in your informative lecture in the 2nd revaluation process in the Statement of the profit or loss and other comprehensive income as per my entry above in the last comment I have just mentioned one impairment which is recognized in the profit or loss $400 at 31.12.2015.
and I have deducted the amount of the revaluation surplus but I want to say shall I do recognize first the total amount of the impairment loss in the statement of profit or loss and other comprehensive income and then close the impairment loss in the revaluation surplus as follow,

Cr Accumulated depreciation $4400
Dr Impairment loss(OCI) $3850
Dr Impairment loss (SPL)balancing figure $400
and in this case we are going to create a new account in the chart of account regarding the impairment loss and must be classified as OCI account.
so we have two account regarding the impairment loss the first one Is classified normally under the profit or loss and the second impairment loss is classified under OCI.
and just such like the revaluation gain by the end of the year should be closed in the revaluation surplus account in the equity section of the balance sheet.
Dr Revaluation Surplus (SFP) $3850
Cr Impairment loss (OCI) $3850

Could you check out my work out?
if am I wrong or right, because I have doubt about to recognise the impairment loss in the statement in the profit or loss and OCI first then close such amount In the revaluation surplus account at the end of the year.

Thank you in advance.