On January $1,20$X$3$ ANL Pte Ltd paid $$26,000,000$ to purchase a building for its office use. The useful life of the building is $50$ years with zero residual value. The company financial year ends is $31$ December. The company adopts the revaluation model for accounting for the building in line with FRS $16$ Property, plant and equipment. As at $31$ December $20$X$3,$ the building was valued at $$27,440,000$ by a professional valuer. When assets are adjusted for revaluations, the company adopts the elimination method. On $30$ June $20$X$4,$ the company moved its office to another location and decided to account for this building under FRS $40$ Investment Property using the fair value model. The fair value of the building as at $30$ June $20$X$4$ was $$24,600,000.$

Question $2$a

Illustrate the accounting for this building by preparing journal entries, including narratives for the year $20$X$3$ and $20$X$4.$