On January 1, 2020, Sunland Ltd. acquires a building at a cost of $270,000. 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, 2022, the fair value of the building is appraised at $245,000, and on December 31, 2025, its fair value is $140,000. Sunland Ltd. applies IFRS.

Prepare the journal entries required on December 31, 2022, and the journal entry required on December 31, 2025, to revalue the building, if Sunland uses the proportionate method.