4 On 1 October 2015 Ramsey purchased freehold land and buildings for 480,000, of which the land element was 80,000. The buildings had a useful life of 25 years at the date of purchase. The residual value was nil. On 1 October 2020 the land and buildings were revalued to 500,000, of which the land element was 100,000. There was no change in the useful life of the property. According to IAS 16 Property, Plant and Equipment, what should be the depreciation charge for the year ended 30 September 2021 and the balance on the revaluation surplus as at that date? ABCD Depreciation charge 16,000; revaluation surplus 100,000 Depreciation charge 20,000; revaluation surplus 100,000 Depreciation charge 20,000; revaluation surplus 116,000 Depreciation charge 25,000; revaluation surplus 116,000