Revaluation Model (Proportionate Method)

Revaluation model (proportionate method)
Mongolia Inc. owns equipment that it purchased on January 1, 2021, for $ 4 million.
The following additional information is available:
Dec. 31, 2021 – Book value (after recording 2021 depreciation): $ 3,600,000
Dec. 31, 2021 – Fair value: $ 4,100,000
The company uses the revaluation model (proportionate method) to account for its property, plant, and equipment.
Instructions 10-104
Assuming the entry for the current year's depreciation has already been recorded, prepare the entr(ies) to adjust the asset's carrying amount to fair value.

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