Assume an item of plant has a carrying value of 50,000, being original cost of 60,000 less accumulated depreciation of 10,000. Subsequently the asset is revalued downwards to 24,000 . which of the followings is correct?

Select one:

1.Plant is debited for 32,000.

2.Expense (write-down) is recorded for 26,000.

3.Accumulated depreciation is debited for 12,000.

4.Revaluation surplus is debited for 26,000.