Domaine Castelmaure holds transferable vine planting rights, with an indefinite useful life and not amortised, revalued by reference to an active market. Before the year-end revaluation, their carrying amount is 150,000 and the related revaluation surplus has a credit balance of 18,000. Their fair value is now 120,000. Ignore deferred tax effects. Record the revaluation entries.
- Credit balance of the rights' revaluation surplus
- 18,000
- Carrying amount before revaluation
- 150,000
- Fair value at the year-end
- 120,000