When an Asset's Fair Value Has Increased and a Firm

When an asset's fair value has increased and a firm elects the revaluation method,

A) the amount of the necessary write-up is credited to a contra-asset account called revaluation surplus.
B) subsequent depreciation is based on the asset's original cost.
C) under U.S.GAAP,the accumulated depreciation account is removed and the revalued amount becomes the new book value.
D) under IFRS,the accumulated depreciation account is removed and the revalued amount becomes the new book value.

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