3 Notcom 700.00 Applying IFRS The French Petroleum Company is a Paris based oil and gas company that prepares its financial statements using IFRS. During the year, the management of the company undertook review of the fair value of its oil and gas inventory and found that the inventory had appreciated above is book value of 55 million euro. According to the company's management, the land inventory was undervalued by 8 milion euros. Prepare the journal entry to revalue the company's inventory, How would Use revaluation immediately affect the company's (al current ratio, inventory tumover, and (days' sales in inventory? Enter answers in milion euros General Journal Description Debit Credit Inventory ON Asset Revation Reserve 55.000.000 Currento hrase Drventory turnover Decrease cDays' sales in inventory Increase Check