1.) On January 1, 2013, the Holloran Corporation purchased a machine at a cost of $55,000. The machine was expected to have a service life of 10 years and a $5,000 residual value. The straight-line depreciation method was used. In 2015 the estimate of residual value was revised from $5,000 to zero. Depreciation for 2015 should be:

2.) In question 1, assume that instead of revising residual value, in 2015 the company switched to the SYD depreciation method. Depreciation for 2015 should be:

3.) Jasper Inc. prepares its financial statements according to International Financial Reporting Standards. At the end of its 2013 fiscal year, the company chooses to revalue its equipment. The equipment cost $810,000, had accumulated depreciation of $360,000 at the end of the year after recording annual depreciation, and had a fair value of $495,000. After the revaluation, the equipment account will have a balance of