Seinfeld Incorporated has a piece of equipment with the original cost of $15,000,000. The equipment's carrying value at the beginning of the year (net of accumulated depreciation) was 10,500,000. Seinfeld recorded 1,500,000 for depreciation during the year. The equipment's fair value at the end of the year was $7,200,000. This is the first year that the company has revalued this equipment. Required: A) Seinfeld Incorporated uses the proportional method to make revaluate adjustments. Please record the revaluation adjustment as described above.