Sandhill Corp. owns equipment that originally cost $131000. At December 31, 2023, the equipment's carrying value (after 2023 depreciation was recorded) is $65000. It is determined that the fair value of the equipment at this date is $97500. Although Sandhill's policy is to apply the revaluation model using the proportionate method, this is the first time the company has done it. The adjusting entry to record the revaluation will include a

credit to Equipment of $33500. credit to Revaluation Surplus (OCI) of $32500. debit to Accumulated Depreciation of $33000. debit to Revaluation Surplus (OCI) of $33500.