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. List debit entry

before credit entry.$)$

Account Titles and Explanation

Debit

Credit On January $1,2023,$ Carla Vista Ltd$.$ acquires a building at a cost of $$280,000.$ 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 $31,2025,$ the fair value of the building is appraised at $$255,000,$ and on December $31,2028,$ its

fair value is $$130,000.$ Carla Vista applies IFRS.

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. List debit entry

before credit entry.$)$

Account Titles and Explanation

Debit

Credit

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List of Accounts