Tangible Asset Held for Disposal. Perlu Products reported a write-down loss of $65,000 for one of its plant assets on December 31, 2018. The asset is currently held for disposal. At December 31, 2019,...

Tangible Asset Held for Disposal. Perlu Products reported a write-down loss of $65,000 for one of its plant assets on December 31, 2018. The asset is currently held for disposal. At December 31, 2019, the fair value of the asset increased by $90,000. Can Perlu record a recovery? Prepare the journal entry to record the recovery if it is permitted.