Upside Down Corporation owns equipment that originally cost $ 100,000. At December 31, 2021, the equipment's book value (after 2021 depreciation was booked) is $ 60,000. It is determined that the fair value of the equipment at this date is $ 90,000. Although Upside Down's policy is to apply the revaluation model, this is the first time the company has done it. The adjusting entry to record the revaluation will include a

1.debit to Revaluation Surplus (OCI) of $ 30,000.

2.credit to Equipment of $ 10,000

3.credit to Revaluation Surplus (OCI) of $ 30,000.

4.debit to Revaluation Surplus (OCI) of $ 10,000