Larkspur Inc., a publicly listed company, has a building with an initial cost of $436,000. At...

Larkspur Inc., a publicly listed company, has a building with an initial cost of $436,000. At December 31, 2020, the date of revaluation, accumulated depreciation amounted to $109,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $359,700.

Prepare the journal entries to revalue the plant under the revaluation model using the asset adjustment method. (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.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2020	enter an account title to eliminate the accumulated depreciation on December 31	enter a debit amount	enter a credit amount
	enter an account title to eliminate the accumulated depreciation on December 31	enter a debit amount	enter a credit amount
	(To eliminate the accumulated depreciation)
Dec. 31, 2020	enter an account title to adjust the Buildings account to fair value on December 31	enter a debit amount	enter a credit amount
	enter an account title to adjust the Buildings account to fair value on December 31	enter a debit amount	enter a credit amount
	(To adjust the Buildings account to fair value)

Show List of Accounts

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Prepare the journal entry to revalue the plant under the revaluation model using the proportionate method. (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. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,275.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2020	enter an account title to adjust the Buildings account (net) to fair value on December 31	enter a debit amount	enter a credit amount
	enter an account title to adjust the Buildings account (net) to fair value on December 31	enter a debit amount	enter a credit amount
	enter an account title to adjust the Buildings account (net) to fair value on December 31	enter a debit amount	enter a credit amount
	(To adjust the Buildings account (net) to fair value)

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