Golden Spring Limited had a specific property, plant and equipment (PPE) at cost of $400,000 on 1 January 2020. Accumulated depreciation on this asset was $120,000 at this date. The company decided to reclassify the asset as investment property in accordance with IAS 40 on this date.

The double entry to record this reclassification is :

Select one:

A.

Dr Property,Plant and Equipment $280,000 Cr Investment Property $280,000

B.

Dr Property,Plant and Equipment $120,000 Cr Investment Property $120,000

C.

Dr Investment Property $120,000 CR Property,Plant and Equipment $120,000

D.

Dr Investment Property $280,000 CR Property,Plant and Equipment $280,000