1. The carrying amount of XYZ Cos property at theend of the year amounted cost/value $225,000 and accumulated depreciation$27,000. On this date the property was revalued and was deemed to have a fairvalue of $105,000. The balance on the revaluation surplus relating to aprevious revaluation gain for this property was $50,000. (3 Marks).

Required

Calculate the revaluation loss and prepare the journal entry to account for the revaluation.