On January 1, 2017, Sabrina Ltd. acquires a building with the following information:

Cost of $230,000

20-year useful 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, 2019, the fair value of the building is appraised at $205,000, and on December 31, 2022, its fair value is $150,000

IFRS is applied Instructions (Round to the nearest dollar in all calculations.)

(d) Prepare the revaluation journal entries required on December 31, 2022.

(e) Prepare the revaluation journal entries required on December 31, 2019 if Sabrina uses the proportionate method.

(f) From the perspective of an investor in Sabrina, discuss the financial statement effects of using the revaluation model instead of the cost model to determine the carrying amount of Sabrinas building.