A public company, Source Inc. uses the revaluation model (asset adjustment method) to account for its property, plant and equipment. Revaluations are carried out every two years. The company owes a machine that it purchased on January 1, 2019 for $4 million. The straight-line method is used for the machine depreciation. The estimated residual value of the machine is $0. The following information is available at the fiscal year end:

Dec 31, 2019 - Carrying value (after recording depreciation): $3,600,000

Dec 31, 2020 - Fair value: $3,400,000

Dec 31, 2022 - Fair value: $2,500,000

The company conducted the impairment test for the machine each year, no impairments were recognized according to IFRS.

a) Prepare the entry(ies) for the machine on December 31,2020.

b) Prepare the entry(ies) for the machine on December 31, 2022

Note: All calculations must be shown!