On 30 June 2019, Gizzard Ltd adopted the revaluation model to measure buildings. Due to the revaluation carried out on 30 June 2019, Gizzard Ltd recognised a loss on revaluation of $50,000 for the one building listed in this class.

After recording depreciation expense on the building for the year ended 30 June 2020, and writing the building down to its carrying amount of $505,000, Gizzard Ltd obtained the fair value of $565,000 as at 30 June 2020 for the building.

The next journal entry required to record the revaluation for the building on 30 June 2020 is:

Select one:

a. DR Building 50,000 CR Gain on revaluation (P/L) 50,000

b. DR Building 60,000 CR Gain on revaluation (P/L) 50,000 CR Gain on revaluation (OCI) 10,000

c. DR Building 60,000 CR Gain on revaluation (OCI) 60,000

d. DR Building 60,000 CR Loss on revaluation (P/L) 50,000 CR Gain on revaluation (OCI) 10,000