2. Prepare the journal entries under the revaluation model for the building in 20X3 and 20X4 (the year 20X4 has no revaluation per the above question, but does require recording of depreciation expense), using: a. The proportionate method b. The elimination method (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Record the $2.99 million building purchased on 28 April 20X2 if the fair value of the building at the end of 20X3 was $3.35 million under proportionate method. The company uses the revaluation model. The building is revalued every two years. Note: Enter debits before credits. Date 31 December 20X3 Building General Journal Accumulated depreciation OCI: Gain on revaluation Debit Credit 2,990,000 226,000 134,000 View general Journal Record entry Clear entry 7 . Prepare the journal entries under the revaluation model for the building in 20X3 and 20X4 (the year 20X4 has no revaluation per the above question, but does require recording of depreciation expense), using: a. The proportionate method b. The elimination method (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 m 3 4 Record the depreciation expense on the building purchased under proportionate method. The building is amortized on a straight-line basis and has a 25-year useful life. The company takes a full year of depreciation in the year acquired. Note: Enter debits before credits. Date General Journal 31 December 20X4 Depreciation expense Accumulated depreciation Debit Credit 150,000 150,000 View general journal Record entry Clear entry > 2. Prepare the journal entries under the revaluation model for the building in 20X3 and 20X4 (the year 20X4 has no revaluation per the above question, but does require recording of depreciation expense), using: a. The proportionate method b. The elimination method (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 Record the $2.99 million building purchased on 28 April 20X2 if the fair value of the building at the end of 20X3 was $3.35 million under elimination method. The company uses the revaluation model. The building is revalued every two years. Note: Enter debits before credits. Date 31 December 20X3 Building General Journal Accumulated depreciation Depreciation expense Dobit Credit 2,990,000 134,000 134,000 View general Journal Record entry Clear entry > 2. Prepare the journal entries under the revaluation model for the building in 20X3 and 20X4 (the year 20X4 has no revaluation per the above question, but does require recording of depreciation expense), using: a. The proportionate method b. The elimination method (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet > 1 2 3 Record the depreciation expense on the building purchased under elimination method. The building is amortized on a straight-line basis and has a 25-year useful life. The company takes a full year of depreciation in the year acquired. Note: Enter debits before credits. Date General Journal 31 December 20X4 Depreciation expense Accumulated depreciation Debit Credit 150,000 150,000 View general journal Record entry Clear entry