On $28$ April $20$X$2,$ Peele Realty purchased land and building for $$6\mathrm{.}55$ million and $$4\mathrm{.}69$ million, respectively. The company uses the revaluation model for the land and building. Assume that the land is revalued annually. The building is revalued every two years.

The fair value of the land at the end of $20$X$2,20$X$3$ and $20$X$4$ was $$6\mathrm{.}58$ million, $$6\mathrm{.}28$ million and $$6\mathrm{.}75$ million. The fair value of the building at the end of $20$X$3$ was $$5\mathrm{.}05$ million. The building is amortized on a straight$-$line basis and has a $25-$year useful life. Peele takes a full year of depreciation in the year acquired.

$1.$ Prepare the journal entries under the revaluation model for the land in $20$X$2,20$X$3$ and $20$X$4.($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

REQUIRED $1$ Record the $$6\mathrm{.}55$ million land purchased on $28$ April $20$X$2$ if the fair value of the land at the end of $20$X$2$ was $$6\mathrm{.}58$ million. The company uses the revaluation model. Assume that the land is revalued annually.

REQUIRED $2$ Record the gain or loss on revaluation of land if the fair value of the land at the end of $20$X$3$ was $$6\mathrm{.}28$ million.

REQUIRED $3$Record the gain or loss on revaluation of land if the fair value of the land at the end of $20$X$4$ was $$6\mathrm{.}75$ million.

Prepare the journal entries under the revaluation model for the building in $20$X$3$ and $20$X$4($the year $20$X$4$ has no revaluation per the above question, but does require recording of depreciation expense$),$ using:

a$.$ The proportionate method

b$.$ The elimination method

$($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

REQUIRED $1$ Record the $$4\mathrm{.}69$ million building purchased on $28$ April $20$X$2$ if the fair value of the building at the end of $20$X$3$ was $$5\mathrm{.}05$ million under proportionate method. The company uses the revaluation model. The building is revalued every two years.

REQUIRED $2$ Record the depreciation expense on the building purchased under proportionate method. The building is amortized on a straight$-$line basis and has a $25-$year useful life. The company takes a full year of depreciation in the year acquired.

REQUIRED $3$ Record the $$4\mathrm{.}69$ million building purchased on $28$ April $20$X$2$ if the fair value of the building at the end of $20$X$3$ was $$5\mathrm{.}05$ million under elimination method. The company uses the revaluation model. The building is revalued every two years.

REQUIRED$4$ Record the depreciation expense on the building purchased under elimination method. The building is amortized on a straight$-$line basis and has a $25-$year useful life. The company takes a full year of depreciation in the year acquired.