ABC Company uses IFRS for financial reporting and revalues its buildings in accordance with IFRS. . On January 1, 2009, ABC Company paid cash of $4,400,000 to acquire its only building. The company uses straight line depreciation and the building has a 20-year life and no salvage value. . On December 31, 2010, the company revalued the building when the fair value of the building was $4,158,000 . On December 31, 2012, the company sold the building for $3.970,000 . The company's accounting policy is to reverse a portion of revaluation surplus related to any increased depreciation expense. The entry to record the depreciation expense for December 31, 2009 is: Depreciation Expense 220,000 a. Building 220,000 Depreciation Expense 220,000 b. Accumulated Depreciation - Building 220,000 Accumulated Depreciation - Building 220,000 Depreciation Expense 220,000 d. No entry required since the asset is an asset that will be revalued