Robertson Inc

Multiple Choice

Robertson Inc. prepares its financial statements according to International Financial Reporting Standards (IFRS) . At the end of its 2018 fiscal year, the company chooses to revalue its equipment. The equipment cost $540,000, had accumulated depreciation of $240,000 at the end of the year after recording annual depreciation, and had a fair value of $330,000. After the revaluation, the accumulated depreciation account will have a balance of:

A) $240,000.
B) $264,000.
C) $270,000.
D) None of these answer choices are correct.