Brandi Ltd acquired a piece of equipment worth $150 000 on 31^st December 2020. The equipment has a useful life of five (5) years. on 30^th June 2022, Brandi Ltd adopted the revaluation model and the determine the fair value of the equipment to be $115 000. Financial year end is 30 June each year.

Provide the journal entries for recognizing the revaluation of the equipment in the books of Brandi ltd. Ignore tax effect.