Valued Assets Inc., a publicly listed company, has a building with an initial cost of $400,000. At December 31, 2017, the date of revaluation, accumulated depreciation amounted to $110,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $330,000. Prepare the journal entries to revalue the plant under the revaluation model using
(a) The asset adjustment method and
(b) The proportion- ate method.