PLEASE SOLVE $IN30$ MINUTES I WILL GIVE THUMBS $UP$ A partial statement $of$ financial position $of$ Sunland $Ltd.on$ December $31,2022,$ showed the following property. plant, and equipment

assets accounted for under the cost model $(accumulated$ depreciation includes depreciation for $2022)$:

Sunland uses straight$-$line depreciation for its building $(remaining$ useful life $of20$ years, $no$ residual value$)$ and for its equipment

$(remaining$ useful life $of8$ years, $no$ residual value$).$ Sunland applies IFRS and has decided $to$ adopt the revaluation model for its

building and equipment, effective December $31,2022.On$ this date, $an$ independent appraiser assessed the fair value $of$ the building

$tobe$ $$142,000$ and that $of$ the equipment $tobe$ $$106,000.$

Your answer $is$ partially correct.

Prepare the necessary general journal entries, $if$ any, $to$ revalue the building and the equipment $asat$ December $31,2022,$ using

the proportionate method. $(Credit$ account titles are automatically indented when the amount $is$ entered. $Do$ not indent manually. $Ifno$

entry $is$ required, select $"No$ Entry" for the account titles and enter $O$ for the amounts. List all debit entries before credit entries. $Do$ not

round intermediate calculations. Round final answers $to0$ decimal places, $e.g.5,275.)$

Account Titles and Explanation

Debit

Credit

Accumulated Depreclation $-$ Bulldings

$(To$ record revaluation $of$ the building$)$

Revaluation Surplus $[OCl)$

Accumulated Depreclation $-$ Bulldings

$(To$ adjust the Equipment

account $to$ fair value$)$