On January 1, 2020 Salamis Corp. purchased a building for $4,285,000. The building was estimated to have an 18- year life and a residual value of 5% of original cost. The company follows IFRS and has elected to revalue its asset to market value annually. A strong real estate market resulted in an appraised market value at December 31, 2020 to be $5,142,000. However, due to a world-wide economic crash, property values dropped significantly and the appraised value of the building at December 31, 2021 was determined to be $3,471,000. Required: Prepare the necessary journal entries to record annual depreciation and revaluations (if any) of the building for the years ended December 2018 and 2019. 1 A B IT: E E 201