ABC Inc. is adopting the revaluation model (Asset Adjustment Method transferring the accumulated revaluation surplus to retained earnings upon disposition of the asset) for the companys head office building effective January 1, 2018. At December 31, 2017, the building has a Net Book Value (NBV) (after depreciation for 2017) of $1,800,000 based on a cost of $4,000,000 and accumulated depreciation of $2,200,000. At January 1, 2018 the buildings fair value has been appraised at $2,240,000 with a remaining useful life of 16 years (company depreciates the building using the straight-line method with an estimated residual value of zero). The building is sold June 30, 2023 for $1,400,000. The company has provided the following detail regarding the fair value measurements of the building: December 31, 2020 $ 910,000 December 31, 2022 1,300,000

REQUIRED

Prepare any journal entry(s) for the years 2018 through 2022 and any entries required to recognize the disposition.