CarlaLtd. purchased a building on January 1, 2018 for $14,880,000.Carlaaccounted for this asset using the revaluation model and revalued the building every two years. The building was estimated to have a useful life of 30 years with no residual value, andCarlaused straight-line depreciation. On December 31, 2019, the building had a fair value of $14,056,000. On December 31, 2021, the building had a fair value of $12,788,200.

Prepare the journal entries on the books ofCarlaLtd. to revalue the building on December 31, 2019 and December 31, 2021 using the asset adjustment method.