Current Attempt in Progress A partial statement of financial position of Ivanhoe Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2019): upport Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $337.000 137.000 $200,000 $125.000 45.000 80.000 Ivanhoe uses straight-line depreciation for its building remaining useful life of 20 years, no residual values and for its equipment remaining useful life of years.no residual value). Ivanhoe applies IFRS and has decided to adopt the revaluation model for its building and equipment, effective December 31, 2019. On this date an independent appraiser assessed the fair value of the building to be $157,000 and that of the equipment to be $90,000. (a) - Your answer is partially correct. Prepare the necessary general journal entries, if any, to revalue the building and the equipment as at December 31, 2019, using the asset adjustment method (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 for the amounts.) Debit Credit Date Account Titles and Explanation Dec 31, 2019 Accumulated Depreciation - Buildings Buildings (To eliminate the accumulated depreciation) Dec 31, 2019 Revaluation Gain or Loss Revaluation Surplus IOCII (To adjust the Buildings account to fair value) Dec. 31, 2019 Accumulated Depreciation Equipment Equipment (To eliminate the accumulated