At 31 Mar X5, a company has a property with a carrying amount of 570,000

There is a balance on the revaluation reserve of 20,000 relating to a previous revaluation of the property.

If the property is now revalued at 530,000, 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 40,000 in Other Comprehensive Income

B. Recognise a revaluation loss of 20,000 in Other Comprehensive Income

Recognise a revaluation loss of 20,000 in Statement of Profit or Loss

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

D. Recognise a revaluation loss of 20,000 in Other Comprehensive Income

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