A property was purchased on 1 January 20X0 for $2m (estimated depreciable amount $1m - useful economic life 50 years). Annual depreciation of $20,000 was charged from 20X0 to 20X4 inclusive and on 1 January 20X5 the carrying value of the property was $1.9m. The property was revalued to $2.8m on 1 January 20X5 (estimated depreciable amount $1.35m - the estimated useful economic life was unchanged). Required Calculate the revaluation gain and prepare the journal entry to account for the revaluation and compute the revised annual depreciation charge.