Smitty Inc. wishes to use the revaluation model for this property: Before Revaluation Building Gross Value 120,000 Building Accumulated Depreciation 40,000 Net carrying value 80,000 The fair value for the property is $150,000. Assuming this is the first year of using the revaluation model, what amount would be booked to the Accumulated Depreciation accountif Smitty chooses to use the proportional method to record the revaluation?

35000 debit

75000 credit

40000 debit

35000 credit

none of the above