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Kingbird Assets Inc., a publicly listed company, has a building with an initial cost of $380,000. At December 31, 2020, the date of revaluation, accumulated depreciation amounted to $118,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $288,200. On January 5, 2021, Kingbird sold the building for $283,200 cash.

Please show your calculations for the partially correct answers above.

Your answer is correct. Prepare the journal entries to record the sale of the building after having used the cost model. (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 Ofor the amounts.) Date Account Titles and Explanation Debit Credit Jan. 5 Cash 283,200 Accumulated Depreciation - Buildings 118,000 Buildings 380,000 Gain on Disposal of Building 21,200 e Textbook and Media List of Accounts - Your answer is partially correct. Prepare the journal entries to record the sale of the building after having used 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 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 5 Cash 283,200 Loss on Disposal of Building 26,200 Buildings 257,000 eTextbook and Media List of Accounts Your answer is partially correct. Prepare the journal entries to record the sale of the building after having used 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 Ofor the amounts. Do not round intermediate calculations. Round answers to 0 decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit Jan. 5 Cash 283,200 Accumulated Depreciation - Buildings 11,800 Loss on Disposal of Building 26,200 Buildings 245,200 e Textbook and Media List of Accounts

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