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At the end of 20X3, Tahrir Entity (TE) is revaluing to fair value a piece...

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Accounting

At the end of 20X3, Tahrir Entity (TE) is revaluing to fair value a piece of equipment with a carrying value of $10,000 (original cost of &15,000 less accumulated depreciation of $5,000). TE determined that the fair value of the equipment as of December 31, 20X3 is $12,000. Give the journal entries to record the revaluating under both methods of accounting for accumulated depreciation.

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