A partial statement of financial position of Wildhorse Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2019): $332,000 132,000 $200,000 Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $131,000 51,000 80,000 Wildhorse uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Wildhorse applles IFRS and has decided to adopt the revaluation model for its building and equipment, effective December 31, 2019. On this date, an independent appraiser assessed the fair value of the building to be $150.000 and that of the equipment to be $106,000 Prepare the necessary general journal entries, if any, to revalue the building and the equipment as at December 31, 2019, using the asset adjustment method. (Credit account tities 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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2019 (To eliminate the accumulated depreciation) Dec. 31, 2019 (To adjust the Buildings account to fair value) Dec 31, 2019 (To eliminate the accumulated depreciation) Dec. 31, 2019 (To adjust the Equipment account to fair value) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 (To record depreciation expense for Buildings) Dec 31, 2020 (To record depreciation expense for Equipment) Date Account Titles and Explanation Debit Credit Dec 31, 2019 (To record revaluation of the building) Dec. 31, 2019 (To adjust the Equipment account to fair value) Date Account Titles and Explanation Debit Credit Dec 31, 2020 (To record depreciation expense for Buildings) Dec 31, 2020 (To record depreciation expense for Equipment)