A company purchased a property 6 years ago at cost of 800,000 and have been depreciating it at a rate of 2% per annum, on the straight line basis.

The property is professionally valued at 650,000 at the end of the current financial year end. Which of the following statements relating to this revaluation is correct, assuming that this is the first time the property has been revalued?

A. Revaluation loss of 150,000 should be recognised in Other Comprehensive Income

B. Revaluation loss of 54,000 should be recognised in Other Comprehensive Income

C. Revaluation loss of 150,000 should be recognised in Statement of Profit or Loss

D. Revaluation loss of 54,000 should be recognised in Statement of Profit or Loss