A property was purchased on 1 January 20X0 for $2m. The estimated depreciable amount, excluding the land, was $1m and it had an estimated useful life of 50 years. Annual depreciation of $20,000 was charged from 20X0 to 20X4 inclusive and on 1 January 20X5 the carrying amount of the property was $1.9m. The property was revalued to $2.8m on 1 January 20X5. The depreciable amount, excluding land, at that date was estimated to be $1.35m and the estimated useful life was unchanged. Required Explain how the revaluation will be accounted for and calculate the annual depreciation charge from 1 January 20X5 onwards.