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		$339,000
Less: accumulated depreciation		139,000		$200,000
Equipment		$130,000
Less: accumulated depreciation		50,000		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 $140,000 and that of the equipment to be $102,000.

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.

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

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

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