QUESTION 25 At 31 Dec X7, a business has a revaluation reserve balance of 50,000 relating to its only property. At 31 Dec XB, the property has a carrying amount of 350,000 but is then revalued at E420,000, When the financial statements are prepared for the year ending 31 Dec X8, what is the balance on the revaluation reserve relating to the property? 420,000 70,000 E470,000 120,000