A partial statement of financial position of Blossom Ltd$.$ on December $31,2022,$ showed the following property, plant, and equipment

assets accounted for under the cost model $($accumulated depreciation includes depreciation for $2022)$:

Blossom uses straight$-$line depreciation for its building $($remaining useful life of $20$ years, no residual value$)$ and for its equipment

$($remaining useful life of $8$ years, no residual value$).$ Blossom applies IFRS and has decided to adopt the revaluation model for its

building and equipment, effective December $31,2022.$ On this date, an independent appraiser assessed the fair value of the building

to be $$160,000$ and that of the equipment to be $$90,000.$

$($a$)$

Prepare the necessary general journal entries, if any, to revalue the building and the equipment as at December $31,2022,$ using

the asset adjustment method. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If

no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

$($To eliminate the accumulated depreciation$)$

$($To adjust the Buildings

account to fair value$)$

$($To eliminate the accumulated

depreciation$)$

$($To adjust the Equipment

account to fair value$)$