At the end of its first year of operations, Brianna Company chose to use the revaluation framework

Question:

At the end of its first year of operations, Brianna Company chose to use the revaluation framework allowed under IFRS. Brianna’s ledger shows Plant Assets $480,000 and Accumulated Depreciation—Plant Assets $60,000. Prepare journal entries to record the following.
(a) Independent appraisers determine that the plant assets have a fair value of $460,000.
(b) Independent appraisers determine that the plant assets have a fair value of $400,000.