Concord Corporation purchased a delivery truck in early January 2016. The truck cost $68,400 and was to be depreciated over 6 years, assuming no residual value. Concord decided to account for this truck using the revaluation model, with the truck to be revalued every two years. The truck's fair value at the end of 2017 was $51,000.

Prepare the journal entries to revalue the truck on December 31, 2017, assuming Concord uses the asset adjustment method:

Entry 1: to adjust depreciation on truck

Entry 2: to adjust truck