On December $1,2022,$ Placer Corporation acquired all of the assets and liabilities of Sonata Company. The acquisition generated goodwill of $$60,000,000.$ At the date of acquisition, Sonatas equipment had an estimated fair value of $$40,000,000,$ and a $5-$year life, straight$-$line. On March $31,2023,$ new information reveals that the equipments fair value was $$49,000,000$ at the date of acquisition. Placers accounting year ends on December $31.$

Required

Prepare the journal entry or entries to record the change in valuation of Sonatas equipment on March $31,2023,$ assuming the valuation change is within the measurement period, and depreciation has already been recorded through March $31.$