A business purchased a building for $300,000 (GST exclusive). The business has been depreciating the building at a rate of 3.1% on a straight line basis for the last 10 years. In the current financial year the business decides to revalue the building and has established that its current value is $510,000. As a result of the revaluation, the business will:

a.Debit Building Revaluation Reserve $210,000 and Credit Building $210,000

b.Debit Building $210,000 and Credit Building Revaluation Reserve $210,000

c.Debit Building $303,000 and Credit Building Revaluation Reserve $303,000

d.Debit Building Revaluation Reserve $303,000 and Credit Building $2303,000

help with explanation please!