The French Petroleum Company is a Paris-based oil and gas company that prepares its financial statements using

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The French Petroleum Company is a Paris-based oil and gas company that prepares its financial statements using IFRS. During the year, the management of the company undertook a review of the fair value of its oil and gas inventory and found that the inventory had appreciated above its book value of 55 million euros. According to the company's management, the oil and gas inventory was undervalued by 8 million euros. Prepare the journal entry to revalue the company's inventory. (Hint: Credit Asset, revaluation reserve.) How would the revaluation immediately affect the company's

(a) current ratio,

(b) inventory turnover,

(c) days' sales in inventory?

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