At 31 Mar X5, a company has a property which has previously been revalued at 650,000. Accumulated depreciation to date on the property totals 60,000.

There is a balance on the revaluation reserve of 50,000 relating to a previous revaluation of the property.

If the property is now revalued at 500,000, which of the following is the correct treatment in the financial statements for the year ending 31 Mar X5?

a. Recognise a revaluation loss of 150,000 in Other Comprehensive Income

b. Recognise a revaluation loss of 50,000 in Other Comprehensive Income

Recognise a revaluation loss of 40,000 in Statement of Profit or Loss

c. Recognise a revaluation loss of 100,000 in Other Comprehensive Income

Recognise a revaluation loss of 50,000 in Statement of Profit or Loss

d. Recognise a revaluation loss of 90,000 in Other Comprehensive Income