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Marshal Ltd. owns a building that it purchased on January 1,2023, for $6,000,000(excluding the land...

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Accounting

Marshal Ltd. owns a building that it purchased on January 1,2023, for $6,000,000(excluding the land value). Management estimates the useful life to be 30 years, with no residual value. The following additional information is available:
Dec 31,2023 Fair value: $6,100,000
Dec 31,2024 Fair value: $6,200,000
Dec 31,2025 Fair value: $5,000,000
Instructions
The company uses the revaluation model (asset adjustment method) to account for its property, plant, and equipment. Assuming a December 31st fiscal year end, prepare the year- end adjusting entries for 2023 to 2025(Round to the nearest dollar).

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