On 28 April 20x2, Peele Realty purchased land and butiding for $6.15 million and $4.29 million, respectively. The company uses the revaluation model for the land and bullding. Assume that the land is revalued annually. The butiding is revalued every two years The fair value of the land at the end of 202,203 and 204 was $6.18 million, $5.89 million and $6.31 million. The fair value of the bullding at the end of 203 was $4.65 million. The bulling is amortized on o straight-line basis and has a 30 -year useful iffe. Peele takes a full year of depreclation in the year acquired. Required: 1. Prepare the journal entries under the revaluation model for the land in 202,203 and 204. (if no entry is required for o transaction/event, select "No journal entry required" In the first occount fleld.) Journal entry worksheet Record the $6.15 million land purchased on 28 April 202 if the fair value of the land at the end of 202 was $6.18 million. The company uses the revaluation model. Assume that the land is revalued annually. Notet Enter debits belore credits. 2. Prepare the journal entries under the revaluation model for the bulding in 203, using: a. The proportionate method b. The elimination method (If no entry Is required for a transaction/event, select "No journal entry required" in the first account fleid.) Journal entry worksheet Record the $4.29 million building purchased on 28 April 202 if the fair value of the building at the end of 203 was $4.65 million under proportionate method. The company uses the revaluation model. The building is revalued every two years. Note: Enter debits before credits