Amber Company applies revaluation accounting to plant assets with a carrying value of $800,000, a useful life of 4 years, and no salvage value. Depreciation is calculated on the straight-line basis. At the end of year 2019, independent appraisers determine that the asset has a fair value of $750,000.

a) Please make journal entries for the year 2019.

b) Please make journal entry for depreciation for the year 2020.