Sage Ltd. purchased a building on January 1, 2018 for $14,520,000. Sage accounted for this asset using the revaluation model and revalued the building every two years. The building was estimated to have a useful life of 30 years with no residual value, and Sage used straight-line depreciation. On December 31, 2019, the building had a fair value of $13,720,000. On December 31, 2021, the building had a fair value of $12,478,600. Prepare the journal entries on the books of Sage Ltd. to revalue the building on December 31, 2019 and December 31, 2021 using the asset adjustment method.

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