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 $2022)$:

Buildings

$$326,000$

Less: Accumulated depreciation

$126,000$

$$200,000$

D

Equipment

$$127,000$

Less: Accumulated depreciation

$47,000$

$80,000$

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 $$155,000$ and that of the equipment to be $$108,000.$

Your answer is partially correct.

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 O for the amounts. List all debit entries before credit entries$)$