The following information of P Co is available for the year ended 31 October 20X2: Property Cost as at 1 November 20X1 $102,000 Accumulated depreciation as at 1 November 20X1 $(20,400) Carrying amount as at 1 November 20X1 $81,600 On 1 November 20X1, P Co revalued the property to $150,000. P Co's accounting policy is to charge depreciation on a straight line basis over 50 years. On revaluation there was no change to the overall usefull life. It has also chosen not to make an annual transfer of the excess depreciation on revaluation between the revaluation surplus and retained earnings. What should be the balance on the revaluation surplus and the depreciation charge as shown in P Co's financial statement for the year ended 31 October 20X2?
A.
Depreciation charge $3,750 Revaluation surplus $68,400
B.
Depreciation charge $3,750 Revaluation surplus $48,000
C.
Depreciation charge $3,000 Revaluation surplus $68,400
D.
Depreciation charge $3,000 Revaluation surplus $48,000