Atlantic Docks Ltd. (“ADL”), a public company, constructed new wharf facilities at a cost of $3.1 million. These facilities became operational on April 5, 2022, and ADL commenced depreciating them at that point. At that time, ADL’s management estimated that the wharf facilities would have a useful life of 30 years and a residual value of $148,000. ADL accounts for this class of asset using the revaluation model, revalues the class every three years, and uses the straight-line depreciation method. ADL has a December 31 year end. On December 31, 2024, an appraisal indicated that the wharf facilities had a fair value of $3.0 million. ADL depreciates its assets monthly and all necessary depreciation entries have been made.

Required 

a. Determine the amount of the revaluation surplus at December 31, 2024. 

b. Prepare the necessary journal entry/entries related to the revaluation assuming that ADL uses the asset adjustment (or elimination) method.
c. Prepare the necessary journal entry/entries related to the revaluation assuming that ADL uses the proportionate method.