A partial statement of financial position of Cullumber Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2019):

Buildings		$322,000
Less: accumulated depreciation		122,000		$200,000
Equipment		$133,000
Less: accumulated depreciation		53,000		80,000

Cullumber 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). Cullumber applies IFRS and has decided to adopt the revaluation model for its building and equipment, effective December 31, 2019. On this date, an independent appraiser assessed the fair value of the building to be $147,000 and that of the equipment to be $108,000.

Prepare the necessary general journal entries, if any, to revalue the building and the equipment as at December 31, 2019, 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.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2019	enter an account title to eliminate the accumulated depreciation on December 31	enter a debit amount	enter a credit amount
	enter an account title to eliminate the accumulated depreciation on December 31	enter a debit amount	enter a credit amount
	(To eliminate the accumulated depreciation)
Dec. 31, 2019	enter an account title to adjust the Buildings account to fair value on December 31	enter a debit amount	enter a credit amount
	enter an account title to adjust the Buildings account to fair value on December 31	enter a debit amount	enter a credit amount
	(To adjust the Buildings account to fair value)
Dec. 31, 2019	enter an account title to eliminate the accumulated depreciation on December 31	enter a debit amount	enter a credit amount
	enter an account title to eliminate the accumulated depreciation on December 31	enter a debit amount	enter a credit amount
	(To eliminate the accumulated depreciation)
Dec. 31, 2019	enter an account title to adjust the Equipment account to fair value on December 31	enter a debit amount	enter a credit amount
	enter an account title to adjust the Equipment account to fair value on December 31	enter a debit amount	enter a credit amount
	(To adjust the Equipment account to fair value)

List of Accounts

Prepare the entries to record depreciation expense for the year ended December 31, 2020. (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.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2020	enter an account title to record depreciation expense for Buildings on December 31	enter a debit amount	enter a credit amount
	enter an account title to record depreciation expense for Buildings on December 31	enter a debit amount	enter a credit amount
	(To record depreciation expense for Buildings)
Dec. 31, 2020	enter an account title to record depreciation expense for Equipment on December 31	enter a debit amount	enter a credit amount
	enter an account title to record depreciation expense for Equipment on December 31	enter a debit amount	enter a credit amount
	(To record depreciation expense for Equipment)

List of Accounts

Prepare the necessary general journal entries, if any, to revalue the building and the equipment as at December 31, 2019, using the proportionate 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. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,275.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2019	enter an account title to record revaluation of the building on December 31	enter a debit amount	enter a credit amount
	enter an account title to record revaluation of the building on December 31	enter a debit amount	enter a credit amount
	enter an account title to record revaluation of the building on December 31	enter a debit amount	enter a credit amount
	(To record revaluation of the building)
Dec. 31, 2019	enter an account title to adjust the Equipment account to fair value on December 31	enter a debit amount	enter a credit amount
	enter an account title to adjust the Equipment account to fair value on December 31	enter a debit amount	enter a credit amount
	enter an account title to adjust the Equipment account to fair value on December 31	enter a debit amount	enter a credit amount
	(To adjust the Equipment account to fair value)

List of Accounts

Prepare the entries to record depreciation expense for the year ended December 31, 2020 using the proportionate method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,275.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2020	enter an account title to record depreciation expense for Buildings on December 31	enter a debit amount	enter a credit amount
	enter an account title to record depreciation expense for Buildings on December 31	enter a debit amount	enter a credit amount
	(To record depreciation expense for Buildings)
Dec. 31, 2020	enter an account title to record depreciation expense for Equipment on December 31	enter a debit amount	enter a credit amount
	enter an account title to record depreciation expense for Equipment on December 31	enter a debit amount	enter a credit amount
	(To record depreciation expense for Equipment)