A partial statement of financial position of Sheridan 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 $325,000 Less: accumulated depreciation 125,000 $200,000 Equipment $131,000 Less: accumulated depreciation 51,000 80,000 Sheridan 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). Sheridan 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 $154,000 and that of the equipment to be $90,000. 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 Dec. 31, 2020 Account Titles and Explanation Dec. 31, 2020 (To record depreciation expense for Buildings) (To record depreciation expense for Equipment) 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 Account Titles and Explanation Dec. 31, 2019 Dec. 31, 2019 (To record revaluation of the building) (To adjust the Fouinment Debit Credit