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Current Attempt in Progress On July 1, 2020, Culver Ltd., a publicly listed company, acquired assets from Pronghorn Ltd. On the transaction date, a reliable, independent valuator assessed the fair values of these assets as follows: Manufacturing plant (building #1) Storage warehouse (building #2) Machinery (in building #1) Machinery (in building #2) $399,720 209,680 74,700 45,000 The buildings are owned by the company, and the land that the buildings are situated on is owned by the local municipality and is provided free of charge to the owner of the buildings to encourage local employment In exchange for the acquisition of these assets, Culver issued 145,950 common shares. Culver's shares are thinly traded (that is, traded in relatively low volume leading to more volatile price changes than most public companies). In the most recent sale of Culver's shares on the Toronto Stock Exchange, 940 shares were sold for $5 per share. At the time of acquisition, both buildings were considered to have an expected remaining useful life of 10 years, the machinery in building #1 was expected to have a remaining useful life of 3 years, and the machinery in building #2 was expected to have a useful life of 9 years. Culver uses straight- line depreciation with no residual values. % Question 15 of 17 - / 10 At December 31, 2020, Culver's fiscal year end, Culver recorded the correct depreciation amounts for the six months that the assets were in use. An independent appraisal concluded that the assets had the following fair values: Manufacturing plant (building #1) $387,600 Storage warehouse (building #2) 178,600 At December 31, 2021, Culver once again retained an independent appraiser and determined that the fair value of the assets was: Manufacturing plant (building #1) Storage warehouse (building #2) $339,920 160,890 Prepare the journal entries required for 2020 and 2021, assuming that the buildings are accounted for under the revaluation model (using the asset adjustment method), and that the machinery is accounted for under the cost model. (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 Ofor the amounts. Record the amounts for Building #1 and #2 and for Machinery seperately. Do not combine these amounts. Round answers to decimal places, e.g. 5,275.) Prepare the journal entries required for 2020 and 2021, assuming that the buildings are accounted for under the revaluation model (using the asset adjustment method), and that the machinery is accounted for under the cost model. (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 for the amounts. Record the amounts for Building #1 and #2 and for Machinery seperately. Do not combine these amounts. Round answers to decimal places, eg. 5,275.) Account Titles and Explanation Debit Credit Date July 1, 2020 Dec. 31, 2020 (To record depreciation on Building #1 Question 15 of 17 - / 10 (To record depreciation on Building #1) Dec. 31, 2020 (To record depreciation on Building #2) Dec. 31, 2020 (To record depreciation on Machinery in Building #1) Dec. 31, 2020 (To record depreciation on Machinery in Building #2) Dec. 31, 2020 Dec. 31, 2020 (To record depreciation on Machinery in Building #2) Dec. 31, 2020 (To revalue manufacturing plant - (Building #1)) Dec. 31, 2020 (To revalue storage warehouse - (Building #2)) Debit Credit Date Account Titles and Explanation - / 10 Debit Credit Date Account Titles and Explanation Dec. 31, 2021 (To record depreciation on Building #1) Dec. 31, 2021 (To record depreciation on Building #2) Dec. 31, 2021 (To record depreciation on Machinery in Building #1) Dec. 31, 2021 (To record reciation on Machinery in Building = ZUZI (To record depreciation on Machinery in Building #2) Dec. 31, 2021 (To revalue manufacturing plant - (Building #1)) Dec. 31, 2021 (To revalue storage warehouse - (Building #2)) List of Accounts ITE Assume that the asset revaluation surplus for the buildings was prepared based on a class-by-class basis rather than on an individual asset basis as required by IAS 16. Prepare the journal entries for 2020 and 2021 that relate to the buildings. (Ignore the machinery accounts since they are accounted for using the cost model) (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 for the amounts. Record the amounts for Building #1 and #2 and for Machinery seperately. Do not combine these amounts. Round answers to o decimal places, e.g. 5,275.) Credit Debit Account Titles and Explanation Date July 1, 2020 Dec. 31, 2020 - / 10 Dec. 31, 2020 > (To record depreciation on Building #1) Dec. 31, 2020 (To record depreciation on Building #2) Dec. 31, 2020 (To revalue (Building #1) and (Building #2)) Date Account Titles and Explanation Debit Credit Dec. 31, 2021 (To record depreciation on Building #1) Dec. 31, 2021 (To record depreciation on Building #2) Dec 31, 2021 (To revalue (Building #1) and (Building #2))