Concord Ltd. purchased a building on January 1, 2018 for $14,880,000. Concord accounted 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, and Concord used 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 $12,796,800. Prepare the journal entries on the books of Concord Ltd. to revalue the building on December 31, 2019 and December 31, 2021 using the asset adjustment method.

Date Account Titles and Explanation Debit Credit (To adjust depreciation on building.) (To adjust building.) (To adjust depreciation on building.) (To adjust building.)