On $13$ February $20$X$5,$ Reekwa Company purchased an office tower for $$30\mathrm{.}2$ million. The office is a mixed$-$use property: it is owner$-$occupied and includes rental units. The fair value of the building on $31$ December $20$X$6$ is $$30\mathrm{.}6$ million and $$27\mathrm{.}1$ million on $31$ December $20$X$8.$

At the time of purchase, the office tower has a remaining useful life of $25$ years, and is amortized on a straight$-$line basis.

Required:

Should the office tower be considered property, plant, and equipment or investment property?

multiple choice

Property, plant, and equipment

Investment property

Assume the property is determined to be PPE, and management applies the elimination method for the revaluation model. Prepare the required journal entries for the revaluation of the office tower in $20$X$6$ and $20$X$8.($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$