Kingbird Inc., a publicly listed company, has a building with an initial cost of $380,000. At December 31, 2020, the date of revaluation, accumulated depreciation amounted to $118,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $288,200.

Prepare the journal entry to revalue the plant under the revaluation model using the proportionate method.

DR Building

CR Accumulated Depreciation - Buildings

CR Revaluation Surplus (OCI)