Metlock Inc., a publicly listed company, has a building with an initial cost of $381,000. At December 31, 2020, the date of revaluation, accumulated depreciation amounted to $106,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $302,500. Your answer is partially correct. Prepare the journal entries to revalue the plant under the revaluation model using the asset adjustment method. (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.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Accumulated Depreciation - Buildings 106000 Buildings 106000 (To eliminate the accumulated depreciation) Dec. 31, 2020 Revaluation Surplus (OCI) 169000 Buildings 169000 (To adjust the Buildings account to fair value) e Textbook and Media List of Accounts Your answer is partially correct. Prepare the journal entry to revalue the plant under the revaluation model using the proportionate method. (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. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Buildings 275000 Accumulated Depreciation - Buildings 106000 Revaluation Gain or Loss (To adjust the Buildings account (net) to fair value)