HE Ltd is a company incorporated in SG and prepares its financial accounts based on the Singapore Financial Reporting Standards. It purchased a machine on 1/1/20X1 for $150,000. The machine has a useful economic life of 10 years and zero residual value. On 1/1/20X4, the company revalued the machine to its current fair value of $180,000.

Assume that the current gross carrying amount of the machine as at 1^st Jan 20X4 by reference to observable market data is $255,000. Illustrate with journal entries to show the revaluation of the machine by restating the gross carrying amount of the machine by reference to observable market data.