Light Company bought a machine for 300,000 on January 1, 20x8. The machine's useful life is 10 years and it is estimated to have a zero residual value and is depreciated using the straight-line method. The revalued amount of the machine is as follows:

December 31 Fair values of the machine

20x8 360,000

20x9 335,000

2x10 320,000

The enacted tax rate was 30% for each year.

Required: Journal entries in the revaluation model