Problem 29-8 (IAA) on January 1, 2020, Plausible Company reported the following account balances relating to property, plant and equipment: Land Building Machinery Accumulated depreciation Accumulated depreciation 1,500,000 Assets have been carried at cost since acquisition. All assets were acquired on January 1, 2010. The straight line method is 2,000,000 15,000,000 3,750,000 3,000,000 used. On January 1, 2020, the entity decided to revalue the property, plant and equipment. On such date, competent appraisers submitted the following: Replacement cost Land 5,000,000 Building 25,000,000 Machinery 5,000,000 2. 1. What is the revaluation surplus on January 1, 2020? 15,000,000 b. 11,500,000 30,000,000 Bo down and d. 8,500,000 C. 2. What is the depreciation for 2020? a. 531,250 Gec b. 875,000 c. 525,000 dule d. 625,000 3. What is the revaluation surplus on December 31, 2020? a. 11,075,000 b. 11,150,000 c. 11,050,000 d. 10,850,000 853