Kiely Company Inc. has buildings that cost $1,000,000 with accumulated depreciation of $500,000 on December 31, Year 1. On that date Kiely Company determines that the market value of these buildings is $800,000. Kiely company wishes to carry buildings on the December 31, Year 1 balance sheet at a revalued amount. Kiely Company uses treatment 2 under the revaluation PPE method. Record the necessary journal entries for the elimination of accumulated depreciation and the entry to revalue the building.