Jeanmich Ltd. (“JL”), a public company, purchased a warehouse on January 8, 2022. The company paid $5.6 million. The land was valued at $1 million and the warehouse building was valued at $4.6 million according to an appraisal conducted at the time of purchase. JL’s management estimated that the warehouse building would have a useful life of 30 years and a residual value of $100,000. JL accounts for its PP&E using the revaluation model and revalues it every four years. The company uses the straight-line depreciation method for its buildings. JL has a December 31 year end and on December 31, 2024, an appraisal indicated that the land had a fair value of $1.8 million, while the warehouse building had fair value of $4.36 million. JL depreciates its buildings monthly and all necessary depreciation entries have been made.

Required 

a. Determine the amount of the revaluation surplus for the land and the warehouse building at December 31, 2024.
b. Prepare the necessary journal entry/entries related to the revaluation assuming that JL uses the asset adjustment (or elimination) method.
c. Prepare the necessary journal entry/entries related to the revaluation assuming that JL uses the proportionate method.