On 30 June 2019, Grove Ltd adopted the revaluation model to measure equipment. Due to the revaluation carried out on 30 June 2019, Grove Ltd recognised a gain on revaluation of $30,000 for the one item of equipment listed in this class. After recording depreciation expense on equipment for the year ended 30 June 2020, and writing the equipment down to its carrying amount of $325,000, Grove Ltd obtained the fair value of $285,000 as at 30 June 2020 for the equipment. The next journal entry required to record the revaluation for equipment on 30 June 2020 is: Select one: O a. DR Gain on revaluation (OCI) 30,000 CR Equipment 30,000 Ob. DR Loss on revaluation (P/L) 40,000 CR Equipment 40,000 OC. DR Equipment 40,000 CR Gain on revaluation (OCI) 30,000 CR Loss on revaluation (P/L) 10,000 d. DR Loss on revaluation (OCI) 30,000 DR Loss on revaluation (P/L) 10,000 CR Equipment 40,000 On 1 August 2020 (end of year 30 June), Kite Ltd had the following up to date information on one of its vehicles: Acquired on 1 August 2019 at a cost of $16,000, useful life 4 years, no residual value. Depreciated using straight line method. Incurred $3,000 in costs on 1 August 2020 to replace parts, extending its useful life by 2 years, and giving it a residual value of $1,000 On 1 August 2020, after the costs are capitalised, the depreciable amount of the vehicle is: Select one: O a. $19,000 b. $2,800 c. $14,000 O d. $4,000