Suppose that in January 2022, this equipments projected cash flows are $450,000 and the fair value increased to $260,000. Prepare the journal entry, if necessary, to account for this fair value increase, assuming:

1. Petro continues to use the equipment in operations.
2. Petro decides to sell the equipment; thus, the equipment has been marked for sale.
3. Petro continues to use the equipment in operations, but instead of reporting under GAAP, Petro reports under IFRS.

Date	Account	Debit	Credit
(a)
01/XX/2022
(b)
01/XX/2022
(c)
01/XX/2022