A partial statement of financial position of Pharoah 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 $334,000 Less: Accumulated depreciation 134,000 $200,000 Equipment $131,000 Less: Accumulated depreciation 51.000 80,000 Pharoah 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). Pharoah 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 $144,000 and that of the equipment to be $108,000. (a) (b) (c1) (c2) Your answer is partially correct. Prepare the entries to record depreciation expense for the year ended December 31, 2023 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 O for the amounts. List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 5,275.) Account Titles and Explanation Depreciation Expense Accumulated Depreciation - Buildings (To record depreciation expense for Buildings) Depreciation Expense Accumulated Depreciation - Equipment Debit 56000 28000 Credit 56000 28000