24.On 30 June 2014, Walters Limited had an item of plant with an original cost of $140 000 and accumulated depreciation of $56 000. At this date, the fair value of the plant was $100 000. The net effect of the journal entries necessary to record the revaluation of the plant by Walters to fair value on 30 June 2014 in accordance with AASB 116 Property, Plant and Equipment is which of the following?

*a.

Accumulated depreciation plant

Dr 28 000

Plant

Cr 12 000

Asset revaluation surplus

Cr 16 000

b.

Plant

Dr 12 000

Asset revaluation surplus

Cr 12 000

c.

Gain on revaluation OCI

Dr 12 000

Asset revaluation surplus

Cr 12 000

d.

Plant

Dr 12000

Gain on revaluation OCI

Dr 16000

Accumulated depreciation plant

Cr 28000

Correct answer: a

Learning Objective 9.6 ~ explain the revaluation model of measurement.

I understand the asset revaluation surplus figure but how to calculate the accumulated depreciation fro plant of 28000?