Spirit Hills Inc. owns a piece of factory equipment with an original cost of $1,760,000. The equipment's carrying value at the beginning of this year (net of accumulated depreciation) was $1,290,500. Spirit Hills recorded $145,000 for depreciation for this year. The equipment's fair value at the end of the year was $1,367,000. This is the first year that the company has revalued this equipment. Record the journal entry for the revaluation adjustment assuming that Spirit Hills uses the Elimination method