Miller Company follows IFRS and applies revaluation accounting to plant assets with a carrying value of $900,000, a useful life of 3 years, and no salvage value. Depreciation is calculated on the straight-line basis. At the end of year 1, independent appraisers determine that the asset has a fair value of $990,000. Millers journal entry to record depreciation for year one will include:

debit to Accumulated Depreciation for $300,000.

credit to Accumulated Depreciation for $30,000.

debit to Depreciation Expense for $300,000.

debit to Depreciation Expense for $330,000.