An asset was bought for $55000 and revalued at the end of the year to $62000. What is the entry that should be made to show the revaluation

Debit property, plant and equipment $62000; Credit revaluation surplus $62000

Debit property, plant and equipment $7000; Credit profit and loss $7000

Debit property, plant and equipment $7000; Credit revaluation surplus $7000

Debit property, plant and equipment $62000; Credit profit and loss $62000