14 (14%) HBC Group uses revaluation accounting for a class of equipment it uses in its golf club refurbishing business. The equipment was purchased on January 2, 2020, for $500,000; it has a 10-year useful life with no residual value. HBC has the following information related to the equipment. (Assume that estimated useful life and residual value does not change during the periods presented below.) Date January 2, 2020 Fair Value $500,000 December 31, 2021 468,000 December 31, 2023 281,000 Instructions: a. Prepare the entries for any revaluation adjustments at December 31, 2021. b. Determine the amounts to be reported by HBC's financial statement at December 31, 2022, as Equipment, Accumulated Depreciation, Depreciation Expense, and Accumulated Other Comprehensive Income. c. Prepare the entry for any revaluation adjustments at December 31, 2023. d. Prepare the entries for the sale of the equipment by HBC on January 2, 2024, for $270,000.