Accounting Problem (Simple)

Clarke Inc. owns a tractor trailer with the following data at December 31, 2015: Cost 785,000 Accumulated Depreciation 255,000 Residual value S Remaining useful life 17 years Fair value - December 31, 2015 612,000 Fair value - December 31, 2018 396,000 Fair value - December 31, 2020 S 360,000 Instructions: Assuming the company uses the revaluation model for dealing with its vehicles provide all necessary entries at the following dates and situations. (Show all calculations) a) December 31, 2015. Assume all depreciation has already been recorded. b) The depreciation entry at December 31, 2016 (depreciation for the year). c) December 31, 2018. Assume all depreciation has already been recorded