13 Lexes Lic bought an equipment on the 1st January 2015 at a cost of OMR 800,000. It is being depreciated over a period of 20 years as per straight line basis. In the year 2018 the company decided to use revaluation model to value its equipment. The market value as on 21 December 2018 aspet professional experts was OMR 580,000. Which of the following statement is connect with reference to above situation? There is a revaluation gain at the end of year 2018 None of them The accumulated depreciation until 31st December 2020 on equipment shall be OMR 240,000, The value of equipment at the end of 31st December 2020 shall be 507,500