Hilo Company has land that cost $350,000 but now has a fair value of $500,000. Hilo Company decides to use the revaluation method specified in IFRS to account for the land. Which of the following statements is correct? Hilo Company must continue to report the land at $350,000. Hilo Company would report a net income increase of $150,000 due to an increase in the value of the land. Hilo Company would debit Revaluation Surplus for $150,000. Hilo Company would credit Revaluation Surplus by $150,000.