A partial statement of financial position of Oriole 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 $295,000 Less: accumulated depreciation 95,000 $200,000 Equipment $125,000 Less: accumulated depreciation 45,000 80,000 Oriole 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). Oriole 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 $145,000 and that of the equipment to be $94,000. 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) eTextbook and Media 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) eTextbook and Media 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) eTextbook and Media 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)