On January $1,2023,$ Wildhorse Ltd$.$ acquires a building at a cost of $$230,000.$ The building is expected to have a $20-$year life and no residual value. The asset is accounted for under the revaluation model, using the asset adjustment method. Revaluations are carried out every three years. On December $31,2025,$ the fair value of the building is appraised at $$205,000,$ and on December $31,2028,$ its fair value is $$130,000.$ Wildhorse applies IFRS.

$($a$)$

Prepare the journal entry amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit

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