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A freehold property originally costing $100,000 has accumulated depreciation to date of $20,000. The asset is to be revalued to $130,000. Which set of double entries is required to record the revaluation? A. Dr Property at cost $50,000, Cr Revaluation surplus $50,000. B. Dr Revaluation surplus $50,000Cr Accumulated depreciation $20,000Cr Property at cost $30,000 C. Dr Accumulated depreciation $20,000 Dr Property at cost $30,000Cr Revaluation surplus $50,000 D. Dr Accumulated Depreciation $20,000, Cr Revaluation surplus $20,000. |