A partial statement of financial position of Sandhill 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 $346,000 Less: accumulated depreciation 146,000 $200,000 Equipment $134,000 Less: accumulated depreciation 54,000 80,000 Sandhill 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). Sandhill 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 $151,000 and that of the equipment to be $105,000. 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 O for the amounts.) Date Dec. 31, 2019 Account Titles and Explanation Dec. 31, 2019 (To eliminate the accumulated depreciation) Dec. 31, 2019 (To adjust the Buildings account to fair value) Dec. 31, 2019 (To eliminate the accumulated depreciation) (To adjust the Equipment account to fair value) eTextbook and Media List of Accounts Debit Credit 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 O for the amounts.) Date Account Titles and Explanation Dec. 31, 2020 Dec. 31, 2020 (To record depreciation expense for Buildings) (To record depreciation expense for Equipment) eTextbook and Media List of Accounts Debit Credit 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 O for the amounts. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 5,275.) Date Dec. 31, 2019 Account Titles and Explanation Dec. 31, 2019 (To record revaluation of the building) Debit Credit 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 O for the amounts. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 5,275.) Date Dec. 31, 2020 Account Titles and Explanation Debit Credit Dec. 31, 2020 (To record depreciation expense for Buildings) (To record depreciation expense for Equipment) eTextbook and Media List of Accounts