A property was purchased on January 1 20x0 for $2 million (estimated depreciable amount $1 million-useful economic life 50 years) annual depreciation of $20,000 was charged from 20x0-20x4 inclusive and on January 1, 20x5 the carrying value of the property was $1.9 million. The property was revalued to $ 2.8 million on January 1, 2005 (estimated depreciable amount $1.35million-the estimated useful economic life was unchanged). Required: Show the treatment of the revaluation surplus and compute the revised annual depreciation charge.

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