PT ABC acquired equipment on January 1, 2019, for €60,000. PT ABC elects to value this class of equipment using revaluation accounting. This equipment is being depreciated on a straight-line basis over its 6-year useful life. There is no residual value at the end of the 6-year period. At December 31, 2020 the appraiser determined that the fair value of the equipment is €35,000. The journal entry to revalue the equipment at December 31, 2020 will include a
• a. debit to loss on impairment for €5,000.
• b. debit to Depreciation expense for €20,000
• c. debit to revaluation surplus €5,000
• d. credit to equipment €35,000