TS Co. uses the revaluation model for its buildings. The last revaluation of the buildings to their fair value took place on December 31, 2018. TS provided you with the following information taken from its books on December 31, 2020:

Building: 1200000

Annual depreciation: 100000

Residual Value: 120000

Remaining useful life: 11

on Dec 31, 2018

Accum OCI: 25000

Depreciation has been recorded to date, On December 31, 2020, the building fair value is $960,000. The straight-line method of depreciation is used for buildings.

(a) Prepare all the journal entries related to the revaluation of the building in 2020.

(b) Calculate the depreciation expense to be recorded on December 31, 2021.