Please make journal entries based on the given information (under Canadian accounting principles), and explain what is Gross carrying amount approach.

Certified Management Accountants Adenueeaneat Revaluation Example 2 depreciable asset costing $600,000 is purchased on January 2, 20x4. The residual value of the asset is S100,000 and the asset's useful life is 10 years. The straight-line method is used. The asset is revalued every two years as tollows: ro $530,000 $400,000 $420,000 December 31, 20x5 December 31, 20x7 January 1,20x8 sold