Here is the question:

A partial statement of nancial position of Cullumber 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): Buildings $301,000 Less: accumulated depreciation 101,000 $200,000 Equipment $126,000 Less: accumulated depreciation 46,000 80,000 Cullumber uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Cullumber 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 $158,000 and that of the equipment to be $97,000. 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 0 for the amounts.) Date Dec. 31, 2019 Dec. 31, 2019 Dec. 31, 2019 Dec. 31, 2019 Account Titles and Explanation % Debit Credit a % a (To eliminate the accumulated depreciation) % (To adjust the Buildings account to fair value) %@ :E: (To eliminate the accumulated depreciation) % a % a (To adjust the Equipment account to fair value) Prepare the entries to record depreciation expense for the year ended December 31, 2020. (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.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 F (To record depreciation expense for Buildings) Dec. 31, 2020 (To record depreciation expense for Equipment) Prepare the necessary general journal entries, if any, to revalue the building and the equipment as at December 31,2019, using the proportionate 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 0 for the amounts. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Dec. 31, 2019 (To record revaluation of the building) Dec. 31, 2019 (To adjust the Equipment account to fair value) Prepare the entries to record depreciation expense for the year ended December 31,2020 using the proportionate method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not indent manually. if no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Do not round intermediate calculations. Round nal answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 (To record depreciation expense for Buildings) Dec. 31, 2020 (To record depreciation expense for Equipment)