International Company has land that cost $450,000 but now has a fair value of $600,000. International Company decides to use the revaluation method specified in IFRS to account for the land. Which of the following statements is correct?

(a) International Company must continue to report the land at $450,000.

(b) International Company would report a net income increase of $150,000 due to an increase in the value of the land.

(c) International Company would debit Revaluation Surplus for $150,000.

(d) International Company would credit Revaluation Surplus by $150,000.