Question 3 of 9 - / 10 III View Policies Current Attempt in Progress Sheridan Corporation owns and manages a small 10-store shopping centre, which it classifies as an investment property. Sheridan has a May 31 year end and initially recognized the property at its acquisition cost of $10.7 million on June 2, 2019. The acquisition cost consisted of the purchase price of $10 million, costs to survey and transfer the property of $456,000, and legal fees to acquire the property of $244,000. Sheridan determines that approximately 28% of the shopping centre's value is attributable to the land, with the remainder attributable to the building. The following fair values are determined: Date Fair Value May 31, 2020 $10,600,000 May 31, 2021 $10,496,000 May 31, 2022 $11,093,000 Sheridan expects the shopping centre building to have a 35-year useful life and a residual value of $1.334 million. Sheridan uses the straight-line method for depreciation. Assume that Sheridan decides to apply the cost model. What journal entries, if any, are required each year? (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Crec e Textbook and Media List of Accounts Assume that Sheridan decides to apply the fair value model. Prepare the journal entries, if any, required at each year end. (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Crec +