On January 1, 2020 the Zenith Company acquires a piece of equipment. The company uses the Revaluation model. You have the following information: Original cost Residual value Useful life The first revaluation takes place on December 31, 2023. $ 450,000 25,000 10 years On December 31, 2023, the fair value of the equipment is 320,000 The straight-line method of depreciation is used Required Prepare all the required journal entries to record the revaluation of the equipment in 2023 (assume the depreciation for 2023 has been recorded).