Revaluation

XYZ bought an equipment on January 1, 2014 at a cost of $2,200,000 including an estimated residual value of $200,000 and twenty (20) years estimated useful life. The fair value of the equipment on December 31, 2016 is $2,000,000, and revised residual value of $300,000. If there is a need to gross up, kindly round off percentage to whole number and to nearest dollar.

Required:

1. Revaluation surplus to be recognized on the year of revaluation

2. Carrying amount of the equipment on December 31, 2017