Jelly Bean Co purchased an item of plant on 1 January 20X1 for $500,000. Its estimated useful life was 10 years and it was expected to have nil residual value. On 31 December 20X2, the plant was revalued upwards to $750,000 with no change to the estimated useful life. On 1 January 20X4 the plant was sold for $800,000.