Problem:
Corr reports its financial statements in accordance with IFRS and uses the revaluation option for its equipment. At the end of year 3, the revaluation surplus has a credit balance of $10,000. At the end of the year 3, Corr has equipment with a carrying value of $200,000, which is revalued at $175,000. The entry to record the adjustment to fair value would include which of the following? Multiple select question. debit to revaluation expense $15,000 debit to revaluation surplus-OCI $10,000 credit to revaluation surplus $25,000 debit to revaluation expense $25,000