Pina Ltd. purchased a building on January 1, 2021 for $14,880,000. Pina accounted for this asset using the revaluation model and revalued the building every two years. The building was estimated to have a useful life of 30 years with no residual value, and Pina used straight-line depreciation. On December 31, 2022, the building had a fair value of $14,056,000. On December 31, 2024, the building had a fair value of $12,796,800.

Pina Ltd. purchased a building on January 1, 2021 for $14,880.000. Pina accounted for this asset using the revaluation model and revalued the building every two years. The bullding was estimated to have a useful life of 30 years with no residual value, and Pina used straight-line depreciation. On December 31,2022 , the building had a fair value of $14,056,000. On December 31, 2024, the building had a fair value of $12,796,800. Prepare the journal entries on the following dates on the books of Pina Ltd. to revalue the building using the asset adjustment method. (Credit account tities are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Round answer to O decimal places, es, 5,275. Record entries in the order presented in the problem.)