Obihiro Group has equipment with an original cost of 500,000,000 and related accumulated depreciation of 100,000,000 on

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Obihiro Group has equipment with an original cost of ¥500,000,000 and related accumulated depreciation of ¥100,000,000 on December 31, 2015. The fair value of the equipment at December 31, 2015, is

¥650,000,000. The equipment has a useful life of 4 years remaining after December 31, 2015, with no residual value. Obihiro uses the straight-line method of depreciation. Prepare the entry to

(a) record the revaluation of the equipment on December 31, 2015, and

(b) record depreciation on the equipment at December 31, 2016.

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