XYZ Co. uses the revaluation model for its buildings. The last revaluation of the buildings to their fair value XYZ provided you with the following information taken from its books on December 31, 2020: Building $ Annual depreciation $ Residual Value $ Remaining useful life on Dec 31, 2018 Accum OCI $ 1,200,000 100,000 120,000 11 25,000 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. Required: (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. XYZ Co. uses the revaluation model for its buildings. The last revaluation of the buildings to their fair value XYZ provided you with the following information taken from its books on December 31, 2020: Building $ Annual depreciation $ Residual Value $ Remaining useful life on Dec 31, 2018 Accum OCI $ 1,200,000 100,000 120,000 11 25,000 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. Required: (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