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Which is the correct statement, in respect of the Revaluation Account :- 1. It is a nominal account, and it is credited for the decrease in value of an asset. 2. It is a real account, and it is debited for the decrease in value of an asset. 3. It is a real account, and it is credited for the decrease in value of a liability. 4. It is a nominal account, and it is debited for the decrease in value of an asset.

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