Subsidiary Has Property Recorded at $60 000 Using the Cost $\quad$

True/False

Subsidiary has property recorded at $60 000 using the cost method.Parent assesses the fair value of the property at $130 000.Group policy is to use the cost method.The correct consolidation data adjustment for the property is:
Dr.Property $\quad$$\quad$$\quad$ $70 000
Cr.Asset revaluation reserve $\quad$$\quad$ $70 000