At December $31,2023,$ the end of its first year of operations, Mayland Inc. chose to use the revaluation framework allowed under IFRS. Mayland's ledger shows Equipment $650,000$ and Accumulated Depreciation$-$Equipment $130,000.$

a$.$ Independent appraisers determine that the plant assets have a fair value of $550,000.$ Record the revaluation. $(10\%)$

b$.$ Using your answer from part $($a$),$ what would be the amount of Mavland's $2024$ depreciation? Assume no change in the value of Maxland's equipment in $2023,$ a $5$ year remaining life, and no residual value. $(5\%)$