IFRS VALUATION OPTIONS Shamrock Corporation is a publicly-traded company with a December 31st year-end. Shamrock uses the straight-line method to depreciate all capital assets. On January 1, 2021 the company purchased a new warehouse for $1,500,000. At that time, it was estimated the warehouse would have a 20 year life and a residual value of $50,000. On December 31,2023 the warehouse was appraised for the very first time at $1,800,000. Required: 1. Assume Shamrock Corporation has adopted the Revaluation Model using the "asset-adjustment method" (direct method) to account for the warehouse. Prepare the revaluation entry (entries) to revalue the warehouse as at December 31, 2023. 2. Assume Shamrock Corporation is renting out the warehouse as a means to generate rental income. As such, Shamrock is accounting for this investment property using the Fair Value Model. Explain how the accounting \& financial statement presentation for the warehouse would differ under the Fair Value Model (relative to the Revaluation Model)