Parnevik Group uses revaluation accounting for a class of equipment it uses in its golf club refurbishing business. The equipment was purchased on January 2, 2022, for 500,000; it has a 10-year useful life with no residual value. Parnevik has the following information related to the equipment. (Assume that estimated useful life and residual value do not change during the periods presented below. Parnevik Group transfers from AOCI the difference between depreciation based on the revalued carrying amount and depreciation based on the asset's original cost to retained earnings.) Date Fair Value January 2, 2022 500,000 December 31, 2022 468,000 December 31, 2023 380,000 December 31, 2024 355,000 Instructions: (25%) a. Prepare the entry for any revaluation adjustments at December 31, 2022, 2023 and 2024. b. Prepare the entries for the sale of the equipment by Parnevik on January 2, 2025, for 330,000.