Sandhill Motels Inc. owns a motel that it had purchased on January $1,2023,$ for $$5\mathrm{.}25$ million cash and is accounted for in a separate

account, classified as "Buldings." The company is using the revaluation model to account for its structures and revalues them annually.

Sandhill uses straight$-$line depreciation over the asset's $15-$year useful life with no residual value.

The asset's fair value was equal to its carrying amount on Dec. $31,2023,$ and was $$5,200,000$ on Dec. $31,2024.$

Assuming Sandhill uses the asset adjustment $($elimination$)$ method for revaluation, prepare all required journal entries for $2023$ and

$($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. List all debit entries before credit entries.$)$

Date

Account Titles and Explanation

Debit

Credit

$($To record $2024$ depreciation$)$

$($To eliminate accumulated depreciation$)$

$($To adjust the Buildings account to fair value$)$