1. Smith Company uses IFRS and the revaluation model for its equipment. The company uses straight line depreciation and is revaluing the equipment below. Purchased the equipment on January 2, 2019 for $1,000,000. Estimated useful life of the equipment is10 years. The equipment's estimated residual value is zero. Revalued the equipment on December 31, 2020 to $1,100,000. The revaluation journal entry for December 31, 2020 would include which of the following:

True False