Part 2 Clarke Inc. also has fixed assets, with a selected account listed below at December 31, 2019: Building Less: Accumulated Depreciation 350,000 60,000 290,000 Clarke uses straight-line depreciation for its building (remaining useful life is 10 years, no residual value). Clarke decides to adopt the revaluation model for its building effective December 31, 2019. On this date, an independent appraiser assessed the fair value of the building to be $325,000. REQUIRED a) Prepare the journal entry required, if any, to revalue the building as at December 31, 2019. b) Prepare the journal entry to record depreciation expense for the year ended December 31, 2020 for the building. a) Date Description Dr Cr b) Date Description Dr Cr NOTE - THIS QUESTION CONTAINS TWO (2) SEPARATE and INDEPENDENT PARTS Part 1 Clarke Inc. owns an investment property with the following data: Cost - January 1, 2015 Fair value - December 31, 2015 Fair value - December 31, 2018 Fair value - December 31, 2020 $ $ $ $ 705,000 660,000 680,000 644,000 REQUIRED Assume that Clarke decides to apply the fair value model. Prepare the journal entry to record the initial investment. Also prepare the journal entries, if any, required for the dates indicated above. Date Description Dr Cr