Hotroad LLC acquired a new asphalt mixing plant for $500,000 on 1st of January 2016. The transportation cost amounted to $25,000, and assembly and installation cost was $48,000. Management of the company estimates the useful life of the plant as 7 years at no residual value and selects the straight-line depreciation method. The revaluation model is used as accounting policy.

On 1st January 2019, the revaluation is made, and the fair value of the asphalt mixing plant is measured as $520,000.

Requirement: Journal Entries for each seven years of Asset's useful life?