on On January 1, Year 1, ABC Co. acquires a building at a cost of $2,000. The building is expected to have a 25-year life and no residual value. The asset is accounted for under the revaluation model and revaluations are carried out every three years. On December 31, Year 3, the fair value of the building is appraised at $1,800. Prepare the entries required on December 31, Year 3. A B