Prepare the journal entries required for 2017 and 2018, assuming that the buildings are accounted for under the revaluation model (using the asset adjustment method), and that the machinery is accounted for under the cost model. (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 0 for the amounts. Record the amounts for Building #1 and #2 and for Machinery seperately. Do not combine these amounts. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit July 1, 2017 Dec. 31, 2017 (To record depreciation for Buildings 1 .) Dec. 31, 2017 (To record depreciation for Buildings 2.) Dec. 31, 2017 (To record depreciation for Machinery of Buildings 1.) Dec. 31, 2017 (To record depreciation for Machinery of Buildings 1.) Dec. 31, 2017 (To record depreciation for Machinery of Buildings 2.) Dec. 31, 2017 (To record revalued manufacturing plant - Buildings 1.) Dec. 31, 2017 To record revalued storage warehouse - Buildings 2.) Date Account Titles and Explanation Debit Credit Dec. 31, 2018 (To record depreciation for Buildings 1.) Dec. 31, 2018 (To record depreciation for Buildings 2.) Dec. 31, 2018 (To record depreciation for Machinery of Buildings 1.) Dec. 31, 2018 (To record depreciation for Machinery of Buildings 2.) Dec. 31, 2018 (To record revalued manufacturing plant - Buildings 1.) Dec. 31, 2018 (To record revalued storage warehouse Buildings 2.) Assume that the asset revaluation surplus for the buildings was prepared based on a class-by-class basis rather than on an individual asset basis as required by IAS 16. Prepare the journal entries required for 2017 and 2018 that relate to the buildings. (Ignore the machinery accounts since they are accounted for using the cost model.) (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 0 for the amounts. Record the amounts for Building #1 and #2 and for Machinery seperately. Do not combine these amounts. Round answers to 0 decimal places, e-g. 5,275.) Date Account Titles and Explanation Debit Credit July 1, 2017| Dec. 31, 2017 (To record depreciation for Buildings 1.) Dec. 31, 2017 (To record depreciation for Buildings 2.) Dec. 31, 2017 (To record revalued Buildings 1 and Buildings 2.) Date Account Titles and Explanation Debit Credit Dec. 31, 2018 (To record depreciation for Buildings 1.) Dec. 31, 2018 (To record depreciation for Buildings 2.) Dec. 31, 2018 (To record revalued Buildings 1 and Buildings 2.)
