TThe balance sheet of Brown Ltd at 31 December 2014 shows the following. $ Plant 50 000 Accumulated depreciation plant 30 000 20 000

On 1 January 2015, based on a valuers estimate of fair value, it was decided to revalue the plant to $35 000. This was the first time the asset had been revalued. The journal entry (or entries) to record the revaluation is which of the following?

Select one:

a. Expense on revaluation of plant 15 000 Plant 15 000

b. Plant 15 000 Expense on revaluation of plant 15 000 Accumulated depreciation plant 30 000

c. Plant 15 000 Gain on revaluation plant 15 000

d. Accumulated depreciation plant 30 000 Plant 30 000

Plant 15 000 Gain on revaluation plant 15 000