Nico purchased equipment for cost of 1,000,000 with 5 useful life and 20,000 residual value on July 1, 2021. However, independent appraisers determine that the asset has a fair value of 600,000 in the end of 2022. The entry to record the equipment and report the revaluation is as follows in the end of 2022, assuming Nico use Double-Declining Balance method of depreciation.