On 1 March 2020, Barry Ltd acquired an equipment with a list price of $250,000 and paid cash. A 15% trade discount was given to Barry Ltd on the list price. The equipment is estimated to have a useful life of 5 years with a residual value of $15,000. Barry Ltd adopted a straight-line method to depreciate the equipment and has its year-end on 30 June. On 1 October 2020, Barry Ltd decided to revalue the equipment to its fair value of $200,000.

Required

Prepare the general journal entries to account for the revaluation on 1 October 2020.

(Note: Narrations / explanations are NOT required.)