Question 71 of 75 SAN Question 71 1 points Penny Lid acquired an item of equipment on 1 July 2018 for $120,000 with an estimated useful life and residual value of 5 years and zero respectively. Penny Ltd adopts the revaluation model for the equipment from 30 June 2019 at which time the equipment was revalued to $100,000. At 30 June 2020, the estimated useful life and residual valoe had not changed since last estimated and the fair value of the equipment on the same date is $70,000. Select a correct statement from below in relation to the accounting treatment for the revaluation of this equipment on 30 June 2020: O $4,000 loss is to be charged as expense in the profit or loss O $1,000 loss is to be charged as expense in the profit of loss O $5,000 loss is to be charged as expense in the profit or loss O $5,000 gain is to be recognised in the other comprehensive income Moving to