AQUA COMPANY constructed a building for P6,600,000 on January 1, 2017. The building's useful life is 15 years with a residual value of P0 and was depreciated using the straight-line method.  On January 1, 2021, AQUA COMPANY decided to change to the revalued model for its land and building assets. The fair value of the building based on market-based evidence was P5,800,000

Question:

Prepare the entry to record the revaluation under the following methods:

Restatement of the accumulated depreciation proportionately with the change in the AQUA COMPANY Company's carrying amount of the asset.
The accumulated depreciation is eliminated against the carrying amount of the asset.