XYZ begin trading on 1 January 2005. On that date the company purchased a building for $100,000 to be depreciated over 30 years with no residual value. XYZ uses a revaluation model for buildings.

After five years of trading on 1 January 2010, the building has a fair value of $150,000. It still has a further 25 years of useful life remaining.

Calculate:

(i) Calculate the revaluation surplus as at 1 January 2020.

(ii) Show the journal entry to record the revaluation.

(iii) Calculate the revised depreciation charge after the revaluation