On 13 February 205, Reekwa Company purchased an office tower for $30.7millon. The office is a mixed-use property it is owneroccupied and includes rental units. The fair value of the buiding on 31 December 206 is $311 mition and $276million on 31 December 208. At the time of purchase, the office tower has a remaining useful life of 25 years, and is amortized on a stralght-line basis. Required: 1. Should the office tower be considered property. plant, and equipment or investment property? Property. plant, and equipment Investment property 2 Assume the properfy is determined to be PPE, and management applies the elimination method for the revaluation model. Prepare the required joumal entries for the revaluation of the office tower in 206 and 208. (f no entry is required for a transoction/event, select "No journal entry required" in the first occount neld.) 3. Assume the property is determined to be PPE, and management applies the proporvonate method for the revaluation model. Prepare the required journal entries for the revaluation of the office tower in 206 and 208. of no entry is requlred for a transoctionievent, select "No journal entry required" in the first occount field.)