Immediately prior to the admission of Abbott, the Smith-Jones Partnership determines that equipment that cost $20,000, with accumulated depreciation of $5,000, has a current market value of $12,000. Assuming an asset revaluation account is used, the journal entry to revalue the equipment will include

Group of answer choices

a debit to Asset Revaluation of $12,000

a debit to Asset Revaluation of $3,000

a credit to Equipment of $3,000

a credit to Accumulated Depreciation of $3,000