Please answer questions in bolded in red.

Exercise 10-26 On January 1, 2020, Crane Ltd. acquires a building at a cost of $210,000. 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 $185,000, and on December 31, 2025, its fair value is $120,000. Crane Ltd. applies IFRS. Your answer is correct. Prepare the journal entry required on December 31, 2020. (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.) Credit Date Account Titles and Explanation Dec 31, 2020 Depreciation Expe Accumulated De (To record depreciation expense) Debit 10500 C 10500 SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT Your answer is correct. Prepare the journal entry required on December 31, 2021. (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.) Date Account Titles and Explanation Debit Credit Dec 31, 2021 Depreciation Expe - 10500L 1 Accumulated DE 10500 (To record depreciation expense) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Your answer is correct. Prepare the journal entries required on December 31, 2022. (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.) Credit Debit 105001 C 10500 Date Account Titles and Explanation Dec 31, 2022 Depreciation Expe 1 Accumulated De (To record depreciation expense) Dec 31, 2022 Accumulated Dep Buildings (To eliminate the accumulated depreciation) Dec 31, 2022 Buildings 1 Revaluation Sur (To adjust the Buildings account to fair value) 31500 0 31500 65001 6500 Prepare the journal entry required on December 31, 2023. (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. Round answers to O decimal places, e.g. 5,275.) Debit Credit Date Account Titles and Explanation Dec 31, 20231 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Your answer is incorrect. Try again. Prepare the journal entry required on December 31, 2024. (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. Round answers to 0 decimal places, e.g. 5,275.) Debit Credit Date Account Titles and Explanation Dec 31, 20241 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Your answer is incorrect. Try again. Prepare the journal entries required on December 31, 2025. (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. Round answers to o decimal places, e.g. 5,275.) Debit Credit Date Account Titles and Explanation Dec 31, 2025 (To record depreciation.) Dec 31, 2025 Hi Hi Hai (To eliminate the accumulated depreciation) Dec 31, 2025 (To adjust the Buildings account to fair value) Your answer is incorrect. Try again. Prepare the journal entries required on December 31, 2022, and the journal entry required on December 31, 2025, to revalue the building, if Crane uses the proportionate method. (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. Do not round intermediate calculations. Round final answers to o decimal places, e.g. 5,275.) Debit Credit Date Account Titles and Explanation Dec 31, 20221 Dec 31, 202517 List of Accounts Exercise 10-26 Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Leasehold Improvements Accumulated Depreciation - Machinery Accumulated Depreciation - Vehicles Advertising Expense Asset Retirement Obligation Buildings Cash Common Shares Contributed Surplus Contributed Surplus - Donated Capital Cost of Goods Sold Deferred Revenue - Government Grants Depreciation Expense Donation Revenue Equipment Finance Expense Finance Revenue Gain or Loss in Value of Investment Property Gain on Disposal of Building Gain on Disposal of Equipment Gain on Disposal of Machinery Gain on Disposal of Vehicles GST Payable GST Receivable Interest Expense Interest Income Interest Payable Interest Receivable Inventory Investment Property Land Land Improvements Loss on Disposal of Building Loss on Disposal of Equipment Loss on Disposal of Land Loss on Disposal of Machinery Loss on Disposal of Vehicles Machinery Repairs and Maintenance Expense Mineral Resources Mortgage Payable No Entry Notes Payable Notes Receivable Office Expense Owner's Drawings Prepaid Expenses Prepaid Insurance Profit on Construction Purchase Discounts Purchase Returns and Allowances Rent Expense Revaluation Gain or Loss Revaluation Surplus (OCI) Revenue - Government Grants Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Supplies Supplies Expense Tenant Deposits Liability Vehicles Exercise 10-26 On January 1, 2020, Crane Ltd. acquires a building at a cost of $210,000. 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 $185,000, and on December 31, 2025, its fair value is $120,000. Crane Ltd. applies IFRS. Your answer is correct. Prepare the journal entry required on December 31, 2020. (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.) Credit Date Account Titles and Explanation Dec 31, 2020 Depreciation Expe Accumulated De (To record depreciation expense) Debit 10500 C 10500 SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT Your answer is correct. Prepare the journal entry required on December 31, 2021. (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.) Date Account Titles and Explanation Debit Credit Dec 31, 2021 Depreciation Expe - 10500L 1 Accumulated DE 10500 (To record depreciation expense) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Your answer is correct. Prepare the journal entries required on December 31, 2022. (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.) Credit Debit 105001 C 10500 Date Account Titles and Explanation Dec 31, 2022 Depreciation Expe 1 Accumulated De (To record depreciation expense) Dec 31, 2022 Accumulated Dep Buildings (To eliminate the accumulated depreciation) Dec 31, 2022 Buildings 1 Revaluation Sur (To adjust the Buildings account to fair value) 31500 0 31500 65001 6500 Prepare the journal entry required on December 31, 2023. (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. Round answers to O decimal places, e.g. 5,275.) Debit Credit Date Account Titles and Explanation Dec 31, 20231 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Your answer is incorrect. Try again. Prepare the journal entry required on December 31, 2024. (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. Round answers to 0 decimal places, e.g. 5,275.) Debit Credit Date Account Titles and Explanation Dec 31, 20241 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Your answer is incorrect. Try again. Prepare the journal entries required on December 31, 2025. (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. Round answers to o decimal places, e.g. 5,275.) Debit Credit Date Account Titles and Explanation Dec 31, 2025 (To record depreciation.) Dec 31, 2025 Hi Hi Hai (To eliminate the accumulated depreciation) Dec 31, 2025 (To adjust the Buildings account to fair value) Your answer is incorrect. Try again. Prepare the journal entries required on December 31, 2022, and the journal entry required on December 31, 2025, to revalue the building, if Crane uses the proportionate method. (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. Do not round intermediate calculations. Round final answers to o decimal places, e.g. 5,275.) Debit Credit Date Account Titles and Explanation Dec 31, 20221 Dec 31, 202517 List of Accounts Exercise 10-26 Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Leasehold Improvements Accumulated Depreciation - Machinery Accumulated Depreciation - Vehicles Advertising Expense Asset Retirement Obligation Buildings Cash Common Shares Contributed Surplus Contributed Surplus - Donated Capital Cost of Goods Sold Deferred Revenue - Government Grants Depreciation Expense Donation Revenue Equipment Finance Expense Finance Revenue Gain or Loss in Value of Investment Property Gain on Disposal of Building Gain on Disposal of Equipment Gain on Disposal of Machinery Gain on Disposal of Vehicles GST Payable GST Receivable Interest Expense Interest Income Interest Payable Interest Receivable Inventory Investment Property Land Land Improvements Loss on Disposal of Building Loss on Disposal of Equipment Loss on Disposal of Land Loss on Disposal of Machinery Loss on Disposal of Vehicles Machinery Repairs and Maintenance Expense Mineral Resources Mortgage Payable No Entry Notes Payable Notes Receivable Office Expense Owner's Drawings Prepaid Expenses Prepaid Insurance Profit on Construction Purchase Discounts Purchase Returns and Allowances Rent Expense Revaluation Gain or Loss Revaluation Surplus (OCI) Revenue - Government Grants Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Supplies Supplies Expense Tenant Deposits Liability Vehicles