ABC Inc. uses the revaluation model for its equipment. The equipment was purchased at the beginning of 2018 for $50,000. At the end of 2018, the equipments fair value is $48,000. At the end of 2019, the equipments fair value is $55,000. At the end of 2020, the equipments fair value is $47,000. How will the company account for this in 2020? They will credit Equipment $8,000 and

• A : debit Revaluation Surplus (OCI) $3,000 and debit Loss $5,000.

• B : debit Revaluation Surplus (OCI) $5,000 and debit Loss $3,000.

• C : debit Loss $8,000.

• D : debit Revaluation Surplus (OCI) $8,000.