At the end of its fi rst year of operations, Brianna Industries chose to use the revaluation framework allowed under IFRS. Brianna’s ledger shows Equipment £480,000 and Accumulated Depreciation—Equipment £60,000. Prepare journal entries to record the following.

a. Independent appraisers determine that the plant assets have a fair value of £468,000.

b. Independent appraisers determine that the plant assets have a fair value of £400,000.