11.Geelong Ltd uses revaluation model for their buildings. The carrying amount of the buildings as at 30 June 2020 is $320,000. Geelong Ltd conducted further tests and below is the information obtained from those tests:

• Fair value: $300,000
• Cost of disposal: $20,000
• Value in use: $350,000

Considering the above information, the new carrying amount of the buildings after revaluation should be:

Group of answer choices

$350,000

$280,000

$300,000

$320,000