ABC Ltd purchased land for $500,000 on 1 January 2017 and used revaluation model to account for this type of asset. It was revalued on 31 December 2019 to $450,000. A subsequent revaluation on 31 December 2021 found the market value to be $600,000 due to a change in council zoning for the area.

On 31 December 2021, the company should record in its accounting book:

	A.	Revaluation expense $50,000
	B.	Revaluation income $50,000
	C.	Revaluation surplus $150,000
	D.	Revaluation surplus $50,000