Practice Question 24 An asset which originally cost $15,000 (no salvage value) and which has been depreciated on the straight-line basis for two years of its original six-year life has a fair value of $12,000 at the start of year 3. What adjustment(s) need to be made in the accounting records with respect to this asset, using the proportionate method? The asset's coat must be increased by $2,000. O No adjustments need to be made until the asset is sold. The asset's accumulated depreciation must be reduced by $2,000. O The asset's cost must be increased by $3,000, its accumulated depreciation must be increased by $1,000, and Revaluation Surplus (OCI) must increase by $2,000. Question Attempts: 0 of 1 used