Question 7.17 please in detail

The following information is relevant for Questions 7.16 and 7.17. Gusna Co purchased a building on 31 December 20x1 for $750,000. At the date of acquisition, the useful life of the building was estimated to be 25 years and depreciation is calculated using the straight-line method. At 31 December 20X6, an independent valuer valued the building at $1,000,000 and the revaluation was recognised in the financial statements. Gusna's accounting policies state that excess depreciation arising on revaluation of non-current assets can be transferred from the revaluation surplus to retained earnings. em! 20X72 7.17 From the list of tokens below, identify the correct debit/credit entries to record the transfer of excess depreciation. DEBIT ENTRY CREDIT ENTRY Debit entry Credit entry TOKEN Retained earnings $20,000 Revaluation surplus $20,000 Revaluation surplus $12,500 Retained earnings $12,500