Question: When an entity chooses the revaluation model as its accounting policy for measuring PPE, which of the following statements is correct? When an asset is

When an entity chooses the revaluation model as its accounting policy for measuring PPE, which of the following statements is correct?
When an asset is revalued, the entire class of PPE to which that asset belongs must be revalued.
When an asset is revalued, individual assets within a class of PPE to which that asset belongs may be selectively revalued.
Revaluations of PPE must be made at least every three years.
Increases in an assets carrying value as a result of the first revaluation must be recognized in net income.

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