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Pink inc, applies revaluation to machinery that has a carrying amount of $$5,000$ on Decernber $31,2023.$

There is an accumulated depreciation reqarding the machinery on December $31,2023$; $$2,000$

At the end of $2023,$ independent appraisers determine that the asset has a lair value of $$4,300$

Time left $0$:$49\mathrm{.}04$

$\frac{\text{P}\text{r}\text{o}\text{p}\text{e}\text{r}\text{t}\text{y}\text{,}\text{p}\text{l}\text{a}\text{n}\text{t}\text{,}\text{a}\text{n}\text{d}\text{e}\text{q}\text{u}\text{i}\text{p}\text{m}\text{e}\text{n}\text{t}}{5,000}$

$\frac{\text{A}\text{c}\text{c}\text{u}\text{m}\text{n}\text{l}\text{a}\text{t}\text{e}\text{d}\text{d}\text{e}\text{p}\text{r}\text{e}\text{c}\text{i}\text{a}\text{t}\text{i}\text{o}\text{n}}{2,000}$

In the accounting policy of the Company regarding the realization of the revaluation surplus: The Company transfers the revaluation surplus directly to the retained earnings when the asset is derecognized.

Required

Show the double journal entries regarding the revaluation.

Answer the Os below.

Use the table below for double journal entries. The number of rows in the table does not necessanily match the number of rows to be used. Meaning: there could be additional lines.