REVALUATION MODEL Rudolph Ltd. is a publicly traded corporation that uses the evaluation Model asset adjustment method) to account for its property, plant, and equipment. On January 1, 2019. a new warehouse was purchased for $1.600,000. At that time, management estimated the warehouse would have a 20-year life and a residual value of $50,000. Rudolph Ltd. uses straight-line depreciation On December 31, 2020 (Rudolph's year-end) the warehouse was appraised at 51.400.000 There is no balance in revaluation surplus from prior years appraisals. The net book value of the warehouse on December 31, 2020 (prior to recording the revaluation entries) is: Select one: O a. $1,600,000 b. $1,522,500 O c. $1,520,000 O d. $1,445,000 O e. $1,440,000 The revaluation entry to be made on December 31, 2020 will be: Select one: a. DR Loss on Revaluation (NI) CR Warehouse O D. DR Revaluation Surplus (OCIY CR Warehouse OC. DR Warehouse/ CR Revaluation Surplus (OCI) d. DR Warehouse/ Gain on Revaluation (NI) The amount to be assigned to the revaluation entry on December 31, 2020 will be: Select one: O a $200,000 O b. $45,000 O c. $120,000 O d. $122,500 O e. $40,000 Assuming no changes in management's estimates, the amount of depreciation to be recorded on the warehouse for the year ended December 31, 2021 is: Select one: O a. $80,000 O b. $77,500 c. $75,000 O d. $70,000 O e. $65,000