The table below summarises the way a property was shown in the statement of financial position. Land and buildings: $100000$ Accumulated depreciation: $(40000)$ Net book value: $60000$ At a later date, the land and buildings were revalued to $150000$. What journal entry should be made to record the revaluation?
- ADr income statement $50000$; Cr land and buildings $50000$
- BDr land and buildings $50000$; Cr income statement $50000$
- CDr land and buildings $50000$ and provision for depreciation $40000$; Cr revaluation reserve $90000$
- DDr revaluation reserve $90000$; Cr land and buildings $50000$ and provision for depreciation $40000$