Comprehensive Accounting Seminar (ACCT455) - Fall 2022 In-class Activities (1): 10 marks Time: 10 Minutes Group Number: IE ABC company has an equipment with a historical cost of AED 300,000 and accumulated depreciation of AED 270,000. At the end of the year, the fair value of the equipment is estimated to be AED 70,000 and the company decided to revalue the equipment following IFRS. Required: Make the required journal entries to reflect such a revaluation