Tongas Company applies revaluation accounting to plant assets with a carrying value of $$1,600,000,$ a useful life of $4$ years, and no salvage value. Depreciation is calculated on the straight$-$line basis. At the end of year $1,$ independent appraisers determine that the asset has a fair value of $$1,500,000.$

The journal entry to record depreciation for year one will include a

debit to Accumulated Depreciation for $$400,000.$

debit to Depreciation Expense for $$400,000.$

debit to Depreciation Expense for $$100,000.$

credit to Accumulated Depreciation for $$100,000.$