Question 5: Spring Day Ltd has a piece of equipment that it has revalued to its fair value of $90 000 this period. It originally cost $80 000 and the accumulated depreciation for both accounting and tax purposes is $20 000. There is no intention to sell the equipment in the near future. The tax rate is 30 per cent. What is the journal entry to reflect the revaluation's tax implications? A: Dr Taxation expense $9 000 B: Cr Deferred tax liability $9 000 Dr Asset revaluation reserve $9 000 C! Cr Deferred tax liability $9 000 . Dr Deferred tax asset $9 000 D' Cr Asset revaluation reserve $9 000 E' Dr Taxation expense $3 000 N 0% the Cr Deferred tax liability $3 000 one above