Show Attempt History Current Attempt in Progress A partial statement of financial position of Ivanhoe Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for unde cost model (accumulated depreciation includes depreciation for 2019): Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation 5337,000 137.000 $200.000 $125.000 45.000 80.000 Ivanhoe uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment remaining useful life of years residual value). Ivanhoe applies IFRS and has decided to adopt the revaluation model for its building and equipment effective December 31, 2019. On this date. independent appraiser assessed the fair value of the building to be $157.000 and that of the equipment to be $90.000 (a) ONLI IJilyuneu, select NU Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Depreciation Expense Accumulated Depreciation-Buildings (To record depreciation expense for Buildings) Dec. 31, 2020 Depreciation Expense Accumulated Depreciation Equipment (To record depreciation expense for Equipment)