Exercise 10-24 (Part Level Submission) Sandhill Corporation owns and manages a small 10-store shopping centre, which it classifies as an investment property. Sand hill has a May 31 year end and initially recognized the property at its acquisition cost of $10.7 million on June 2, 2019. The acquisition cost consisted of the purchase price of $10 million, costs to survey and transfer the property of $475,000, and legal fees to acquire the property of $225,000. Sand hill determines that approximately 28% of the shopping centre's value is attributable to the land, with the remainder attributable to the building. The following fair values are determined: Date Fair Value $10,470,000 May 31, 2020 $10,363,000 May 31, 2021 May 31, 2022 $10,972,000 Sandhill expects the shopping centre building to have a 35-year useful life and a residual value of $0.984 million. Sandhill uses the straight-line method for depreciation (a) Your answer is partially correct. Try again Assume that Sandhill decides to apply the cost model. What journal entries, if any, are required each year? (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 0 for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Date Credit May 31, 2020 Depreciation Expense 271,028 277,600 Accumulated Depreciation Buildings May 31, 2021 Depreciation Expense 285,764