GIVEN)Moon Inc., a publicly listed company, has a building with an

initial cost of $400,000. At December 31, 2020, the date of revaluation, accumulated depreciation amounted to $110,000. The fair value of the building, by comparing it with transactions involving similar assets, is assessed to be $330,000. Prepare the journal entries to revalue the building under the revaluation model using:
a)the asset adjustment (direct) method
b)the proportionate method

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