Laos Inc. owns equipment that it purchased on January 1, 2021, for $ 4 million. The following additional information is available: Dec. 31, 2021 - Book value (after recording 2021 depreciation): $3,600,000 Dec. 31, 2021 - Fair value: $4,100,000 The company uses the revaluation model (asset adjustment method) to account for its property, plant, and equipment Instructions 1. Briefly explain how the revaluation model for property plant and equipment is different to the cost model. (2 marks) 2. Using the revaluation model, prepare the catolies) to adjust the asset's carrying amount to fair value. (4 marks) Debit Credit