Stairway Ltd Is Undertaking Its Regular Review of the Fair

Multiple Choice

Stairway Ltd is undertaking its regular review of the fair value of its assets.It has discovered the following material changes

What are the journal entries required to record the revaluations in accordance with relevant accounting standards?

A)
$$\begin{array} { | c | l | c | c | } \hline \mathrm { Dr } & \text { Loss on revaluation of land } & 30000 & \\\hline \mathrm { Cr } & \text { Land-Howrah } & & 30000 \\\hline\\\hline \mathrm { Dr } & \text { Land-Lenah Valley } & 50000 & \\\hline \mathrm { Cr } & \text { Asset revaluation reserve } & & 50000 \\\hline & & & \\\hline \mathrm { Dr } & \text { Equipment } & 60000 & \\\hline \mathrm { Cr } & \text { Asset revaluation reserve } & & 60000 \\\hline\end{array}$$
B)
$$\begin{array} { | c | l | c | c | } \hline \mathrm { Dr } & \text { Loss on revaluation of land } & 30000 & \\\hline \mathrm { Cr } & \text { Land-Howrah } & & 30000 \\\hline & & & \\\hline \mathrm { Dr } & \text { Land-Lenah Valley } & 50000 & \\\hline \mathrm { Cr } & \text { Asset revaluation reserve } & & 50000 \\\hline \mathrm { } & & & \\\hline \mathrm { Dr } & \text { Accumulated depreciation-equipment } & 260000 & \\\hline \mathrm { Cr } & \text { Equipment } & &260000 \\\hline & & & \\\hline \mathrm { Dr } & \text { Equipment } & 60000 & \\\hline \mathrm { Cr } & \text { Asset revaluation reserve } & &60000 \\\hline\end{array}$$
C)
$$\begin{array} { | l | l | l | l | } \hline \mathrm { Dr } & \text { Land-Lenah Valley } & 50000 & \\\hline \mathrm { Cr } & \text { Land-Howrah } & & 30000 \\\hline \mathrm { Cr } & \text { Asset revaluation reserve } & & 20000 \\\hline & & & \\\hline \mathrm { Dr } & \text { Accumulated depreciation–equipment } & 260000 & \\\hline \mathrm { Cr } & \text { Equipment } & & 260000 \\\hline & & & \\\hline \mathrm { Dr } & \text { Equipment } & 60000 & \\\hline \mathrm { Cr } & \text { Asset revaluation reserve } & & 60000 \\\hline\end{array}$$
D)
$$\begin{array} { | c | l | r | r | } \hline \mathrm { Dr } & \text { Land } & 20000 & \\\hline \mathrm { Cr } & \text { Gain on revaluation } & & 20000 \\\hline & & & \\\hline \mathrm { Dr } & \text { Equipment } & 60000 & \\\hline \mathrm { Cr } & \text { Asset revaluation reserve } & & 60000 \\\hline\end{array}$$