On 1 January 2022, Shakira Ltd purchased a building that had an estimated useful life of eight years with no disposal value at $180,000. Shakira Ltd used the revaluation model to subsequently measure the building and straight-line method for depreciation. For the financial year ended on 31 December 2023, the fair value assessed by the management of Shakira Ltd was $160,000.

Shakira Ltd complied with AASB 116 Property, Plant and Equipment and used the net method to record revaluations. Assuming depreciation expense for the financial period ended on 31 December 2023 had been recorded, what are the journal entries required to record the revaluation of the building on 31 December 2023?

Narration and calculation workings is not required.