Sunland Corporation owns and manages a small 10-store shopping centre, which it classifies as an investment property. Sunland has a May 31 year end and initially recognized the property at its acquisition cost of $10.8 million on June 2, 2022. The acquisition cost consisted of the purchase price of $10 million, costs to survey and transfer the property of $469,000, and legal fees to acquire the property of $331,000. Sunland determines that approximately 25% 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 May 31, 2023 May 31, 2024 Fair Value $10,480,000 $10,370,000 Your answer is correct. Assume that Sunland 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. List all debit entries before credit entries.) Date Account Titles and Explanation May 31, 2023 Depreciation Expense Accumulated Depreciation - Buildings May 31, 2024 Depreciation Expense Accumulated Depreciation - Buildings May 31, 2025 Depreciation Expense Accumulated Depreciation - Buildings Debit 194000 194000 194000 How will the investment property be reported on each year-end statement of financial position? Land, at cost Buildings, at cost less accumulated depreciation SUNLAND CORPORATION Statement of Financial Position (Partial) May 31, 2023 May 31, 2024 $ $ Credit $ $ $ $ 194000 194000 194000 M