Pacific Ventures Limited (PVL) acquired the following assets on 1 January 2017. Information relevant to the assets are provided below: Items of asset Building ul ent Furm ture Ac uisition costs $ 400,000 700,000 400,000 105,000 U seul economic life n/a 50 years 5 ears 15 ars The following additional costs were incurred in relation to the assets acquired: Legal fees and registration charges on land Legal fees on building Freight in importing the equipment Import duty on equipment Customizing the factory floor Installation of equipment $25,000 6,000 5,000 2,000 25,000 12,000 The suppliers delivered the furniture to P VL free of cost. Subsequent fair values less costs of disposal of the assets were determined as follows: Date 1 January 2018 1 Jan 2020 Items of asset Buildin E ment Furniture Buildin Equipment Furniture Fair value S 450,000 soo,ooo 200,000 70,000 350,000 450,000 160,000 50,000 The company uses straight-line method of depreciation for its non-current assets and uses fair value (i.e., the revaluation model) for financial reporting purposes. Estimated residual values upon expiry of respective useful economic lives of building, equipment and furniture are zero. Req uired Prepare joumal entries to record the acquisition of the assets on 1 January 2017 and the changes m asset values on 1 January 201S and 2020.