! 2 Required information [The following information applies to the questions displayed below) Dower Corporation prepares its financial statements according to IFRS. On March 31, 2021, the company purchased equipment for $220,000. The equipment is expected to have a five-year useful life with no residual value. Dower uses the straight-line depreciation method for all equipment. On December 31, 2021, the end of the company's fiscal year, Dower chooses to revalue the equipment to its fair value of $227,000. Required: 1. Calculate depreciation for 2021. 2-a. Calculate the revaluation of the equipment. 2-b. Prepare the journal entry to record the revaluation of the equipment. 3. Calculate depreciation for 2022. nces Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Reg 28 Reg 3 Calculate depreciation for 2021. 1 Straight-Line Depreciation Choose Denominator Estimated Useful Life (years) Choose Numerator: Formula Costminus residual Amounts $ 220,000 Year Annual Depreciation 2021 $ 44,000 1 5 Annual Depreciation Annual depreciation $ 44.000 Depreciation Expense $ 33.000 x Fraction of Year x 9/12 Req 2A > Required: 1. Calculate depreciation for 2021. 2-a. Calculate the revaluation of the equipment 2-b. Prepare the journal entry to record the revaluation of the equipment 3. Calculate depreciation for 2022. Complete this question by entering your answers in the tabs below. Req1 Req ZA Reg 28 Req3 Calculate the revaluation of the equipment. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Before Conversion Factor After Revaluation Revaluation Equipment $ 40,000 Accumulated depreciation Book value Required: 1. Calculate depreciation for 2021. 2-a. Calculate the revaluation of the equipment. 2-b. Prepare the journal entry to record the revaluation of the equipment 3. Calculate depreciation for 2022. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Reg 3 Prepare the journal entry to record the revaluation of the equipment. (If no entry is required for a transaction/event, select "No se entry required in the first account field. Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) View transaction list View journal entry worksheet No Event General Journal Credit Debit 42,353 1 1 Equipment Accumulated depreciation Revaluation surplus-OCI 6,353 3,600 Required: 1. Calculate depreciation for 2021. 2-a. Calculate the revaluation of the equipment 2-b. Prepare the journal entry to record the revaluation of the equipment. 3. Calculate depreciation for 2022 25 Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Req 28 Real Calculate depreciation for 2022. (Round your denominator answer to 2 decimal places.) Straight-Line Depreciation Choose Numerator Choose Denominator: Annual Depreciation Expense Formula Depreciation Expense Amount 0 4a. Calculate the revaluation of the equipment assuming that the fair value of the equipment at the end of 2021 is 5151.000 4b. Assume that the fair value of the equipment at the end of 2021 is $151,000. Prepare the journal entry to record the revaluation of the equipment Complete this question by entering your answers in the tabs below. Reg 4A Reg 48 Assume that the fair value of the equipment at the end of 2021 is $151,000. Prepare the journal entry to record the revaluation equipment. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not rou Intermediate calculations. Round your final answers to nearest whole dollar amount.) View transaction list Journal entry worksheet
