Mey Ltd. has a fiscal year ending on December 31. The company owns a building that it purchased on January 1, 2023, for 9,000,000 (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: $9,200,000 Dec 31, 2024 - Fair value: $8,000,000 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)