Suppose a company using IFRS acquires the ownership rights to a celebrity photograph on December $1,2014,$ for $$530.$ The company accounts for these rights under the revaluation model. Assume the fair value at relevant dates is as follows.

December $1,2014$

$$530$

December $31,2014$

$$550$

December $31,2015$

$$520$

December $31,2016$

$$510$

December $31,2017$

$$565$

What are the balances in revaluation surplus at the end of each year?

How much revaluation is recognized through OCI each year?

How much revaluation is recognized in income each year?