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Crane Corporation owns and manages a small 10-store shopping centre, which it classifies as an investment property. Crane 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 $468,000, and legal fees to acquire the property of $232,000. Crane 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 May 31, 2020 May 31, 2021 May 31, 2022 Fair Value $10,450,000 $10,349,000 $10,959.000 Crane expects the shopping centre building to have a 35-year useful life and a residual value of $1.404 million. Crane uses the straight-line method for depreciation. Assume that Crane decides to apply the fair value model. Prepare the journal entries, if any, required at each year end. (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 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit May 31, 2020 Assume that Crane 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 for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit Date May 31, 2020 >