Pharoah Corporation owns and manages a small $10-$store shopping centre, which it classifies as an investment property. Pharoah has a

May $31$ year end and initially recognized the property at its acquisition cost of $$10\mathrm{.}9$ million on June $2,2022.$ The acquisition cost

consisted of the purchase price of $$10$ million, costs to survey and transfer the property of $$461,000,$ and legal fees to acquire the

property of $$439,000.$ Pharoah determines that approximately $26\%$ of the shopping centre's value is attributable to the land, with the

remainder attributable to the building. The following fair values are determined:

Date

May $31,2023$

May $31,2024$

May $31,2025$

Fair Value

Pharoah expects the shopping centre building to have a $35-$year useful life and a residual value of $ $1\mathrm{.}416$ million. Pharoah uses the

straight$-$line method for depreciation.

Assume that Pharoah decides to apply the cost model. What journal entries, if any, are required each year? $($Credit account titles are

automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles

and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.$)$

Date

Account Titles and Explanation

Debit

Credit