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16. Max owns a factory. The premises were purchased on 1 January 2011 for $550,000 and depreciation charged at 2% pa straight line. Max now

16. Max owns a factory. The premises were purchased on 1 January 2011 for $550,000 and depreciation charged at 2% pa straight line. Max now wishes to revalue the factory premises to $800,000 on 1 January 2015 to reflect the market value. What is the balance on the revaluation reserve after this transaction? (: 1) O 305 000 $ 294 000 $ 324 000

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