Please provide full solutions with explanations, thanksss :$))$ On January $1,2023,$ Blossom Ltd$.$ acquires a building at a cost of $$200,000.$ The building is expected to have a $20-$year life and no On January $1,2023,$ Blossom Ltd$.$ acquires a building at a cost of $$200,000.$ The building is expected to have a $20-$year life and no

residual value. The asset is accounted for under the revaluation model, using the asset adjustment method. Revaluations are carried

out every three years. On December $31,2025,$ the fair value of the building is appraised at $$175,000,$ and on December $31,2028,$ its

fair value is $$120,000.$ Blossom applies IFRS.

residual value. The asset is accounted for under the revaluation model, using the asset adjustment method. Revaluations are carried

out every three years. On December $31,2025,$ the fair value of the building is appraised at $$175,000,$ and on December $31,2028,$ its

fair value is $$120,000.$ Blossom applies IFRS.Your answer is partially correct.

Prepare the journal entries required on December $31,2028.($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. List all debit

entries before credit entries. Round answers to $0$ decimal places, e$.$g$.5,275.)$

Account Titles and Explanation

Credit

Depreciation Expense

Accumulated Depreciation $-$ Buildings

$($To record depreciation$)$

Accumulated Depreciation $-$ Buildings

$($To eliminate the accumulated depreciation$)$

Revaluation Surplus $($OCI$)$

$($To adjust the Buildings

account to fair value$)$