Gahal Ltd$.$ has a fiscal year ending on December $31.$ The company owns a building that it purchased on January $1,2023,$ for $$6,000,000($excluding the land value$).$ Management estimates the useful life to be $30$ years, with no residual value. The company uses the straight$-$line depreciation method. The following additional information is available.

Dec $31,2023$ Fair value: $$6,100,000$

Dec $31,2024$ Fair value: $$5,000,000($The local economy has gone into a significant recession and real estate values have declined.$)$

Required: The company uses the revaluation model $($asset adjustment method$)$ to account for its property, plant, and equipment. Prepare the year$-$ end adjusting entries for $2023$ and $2024($Round to the nearest dollar$).$