Question 3 (30 minutes) June Rentals Inc. owns a large commercial storage unit that it had purchased on January 1, 2018 for $6 million cash and is accounted for in a separate account, classified as "Storage Property." The company decided to use the revaluation model to account for its storage properties and revalues them when they recognize that a substantial difference exists between net book value and fair value. June uses the straight-line depreciation method over the asset's 40-yr useful life (no residual value). The asset's fair values were as follows on the following dates: Dec 31, 2018: $5.85 million; Dec 31, 2019: $6.004 million (substantial difference from NBV); Dec 31, 2020: $5.846 million On January 3, 2021, June sold building for $5.846 million. June uses IFRS. Required: 1) Assuming June uses the asset adjustment (elimination) method for revaluation, prepare all required journal entries for 2018, 2019, 2020, and 2021. (Don't forget the depreciation entries.) Also, be sure to record the entry for the sale of the equipment. 2) Assuming June uses the proportional method for revaluation, prepare the required journal entries for 2019 to recognize the revaluation