AutoSave C Of H - ~ ~ 5. Module 3 Homework Search Jaime Marquez X File Home Insert Draw Page Layout Formulas Data Review View Help QuickBooks Share Comments & Cut Calibr v 11 ~ A 2b Wrap Text General Normal Bad AutoSum ~ AY O Fill ~ Paste [ Copy E Merge & Center v $ ~ % Conditional Format as Good Neutral nsert Delete Format Sort & Find & Analyze Clear ~ Sensitivity Create Journal Format Painter Formatting Table v Filter ~ Select Data Entry Batch Clipboard Font Alignment Number Styles Cells Editing Analysis Sensitivity Blackbaud K24 B C D E G H K L M N O P ABC Company acquires its only building on January 1, Year 1, at a cost of $4,000,000. The building has a 20-year life, zero residual value, and is depreciated on a straight- line basis. The company adopts the revaluation model in accounting for buildings. On December 31, Year 2, the fair value of the building is $3,780,000. The company eliminates accumulated depreciation against the building account at the time of revaluation. The company's accounting policy is to reverse a portion of the revaluation surplus account related to increased depreciation expense. On January 2, Year 4, the company sells the building for $3,500,000. Required: 1-Determine the amounts to be reflected in the balance sheet related to this building for Years 1-4 in the following table. (Use parentheses to indicate credit amounts.) Date Cost Accumulated Carrying Amount Revaluation Surplus Income Retained Earnings depreciation January 1, Year 1 ,000,000 ,000,000 December 31, Year 1 December 31, Year 2 December 31, Year 2 8 Balance December 31, Year 3 10 Balance 11 Sale, Jan 2, Year 4 12 Balance 13 14 2- Complete Journal entries to account for the building under the revaluation model for Year 1-4. 15 16 17 18 19 20 21 22 23 24 Sheet1 + Ready + 115% Type here to search 79OF Sunny ~ 9 718 3:55 PM 11/16/2021