Keisha Berhad acquired equipment on 1 January 2019, for RM12,000. Keisha elects to value this class of equipment using revaluation accounting. This equipment is being depreciated on a straight-line basis over its 6-year useful life. There is no residual value at the end of the 6-year period. The appraised value of the equipment approximates the carrying amount at 31 December 2019. On 31 December 2020, the fair value of the equipment is determined to be RM7,000.

Required:

Prepare the journal entries for 2020 related to the equipment