Java Resort Group owned a very suecessful spa resort in Bali. The resort land and building were acquired at the beginning of 2022 at $1 million and $500,000, respectively. The company deprecinted the building on a straightline basis over 20 years with no expected residual value. Independent appraisals conducted at the end of each finaneial year estimate the market value of the resort land and building as follow: The cocnpany minazensent believes that fair valee is more relevant for dechion makine and where allowed by: accounting standardr, the compamy reports its awets at their feir value. Owing to a change in straters, the company ceased its resort operations and rented out the sesont facilities to another party on Janaary 1, 2024. In tofutn, the compaty received a floed monthly rental incone from its resort land and buildiag. Required: Determine the carryire amount of the resort lasd and brildieg oa Deceniber 31, 2023 and 2024. Frowide the jocmal eotries to record the change in the of the land and beilfing on Janary 1, 2024