Question $1(25$ marks$)$

Chi Shing Limited $("$CS$")$ has acquired two properties and details are as follows:

$\backslash$table$[[,$Date of acquisition,Cost,$\backslash$table$[[$Useful$],[$life$]],$Purpose of usage$],[$Property Phoenix,$1$ January $2021,$$$3,000,000,30$ years,Head office$],[$Property Dragon,$1$ July $2021,$$$2,000,000,10$ years,Rented out to a third party$]]$

CS has undergone a revaluation assessment and found that the market value of Property Phoenix was $$3,070,000$ and $$2,240,000$ respectively as at $31$ December $2021$ and $2022.$ The market value of Property Dragon was $$2,500,000$ and $$1,800,000$ respectively as at $31$ December $2021$ and $2022.$

On $30$ June $2023,$ CS sold Property Phoenix for $$5,000,000.$

On $31$ December $2023,$ CS started to use Property Dragon as its head office. The market value of Property Dragon on $31$ December $2023$ was $$1,650,000.$

CS provides depreciation for its owner$-$occupied properties on a monthly basis using straight$-$line method and revalues the properties annually in accordance with HKAS $16$ Property, Plant and Equipment. Revaluation gain accumulated in revaluation reserve is transferred directly to retained profits when the property is used or disposed of$.$

CS applies the fair value model of accounting for investment properties in accordance with HKAS $40$ Investment Property.

Required:

Prepare journal entries to record the above transactions for the years ended $31$ December $2021,2022$ and $2023.$

$($Total $25$ marks$)$