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urrent Attempt in Progress Blossom Motels Inc. owns a motel that it had purchased on January 1, 2023, for $2.70 million cash and is accounted

image text in transcribed urrent Attempt in Progress Blossom Motels Inc. owns a motel that it had purchased on January 1, 2023, for $2.70 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. Blossom 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 \$2,650,000 on Dec. 31, 2024. Assuming Blossom uses the asset adjustment (elimination) method for revaluation, prepare all required journal entries for 2023 and 2024. (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.)

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