Sunshine Company acquired equipment on January 1, 2015, for $40,000. Sunshine elects to value this class of equipment using revaluation accounting as permitted by International Financial Reporting Standard. This equipment is being depreciated on a straight-line basis over its 8-year useful life. There is no residual value at the end of the 8-year period. On December 31, 2015, the fair value of the equipment is determined to be $37,800. After recording depreciation for year 2015, the entry to revalue the equipment would include which of the following:
Credit unrealized gain from revaluation by $2,800.
Debit unrealized gain from revaluation by $2,200.
Debit accumulated depreciation by $4,000.
Credit equipment by $5,000.