At December 31, 2020, the end of its first year of operations, Kingbird SA chose to use the revaluation framework allowed under IFRS. Kingbird's ledger shows Equipment 800,000 and Accumulated Depreciation-Equipment 160,000. Your answer is correct. Independent appraisers determine that the plant assets have a fair value of 701,000. Record the revaluation. (Credit account titles are automatically indented when amount is entered. Do not indent manually.), Account Titles and Explanation Debit Credit Accumulated Depreciation-Equipment 160.000 Revaluation Surplus 61,000 Equipment 99,000 (To record depreciation expense) Using your answer from part (a), what would be the amount of Kingbird's 2021 depreciation? Assume no change in the value of Kingbird's equipment in 2021. a 4 year remaining life, and no residual value. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Account Titles and Explanation 175.250 175250 Accumulated Depreciation Equipment (To record depreciation expense) Assistance Used e Textbook and Media e Textbook List of Accounts Your answer is partially correct. Independent appraisers determine that the plant assets have a fair value of 559.000. Record the revaluation. (Ignore your answers to parts (a) and (b).) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Account Titles and Explanation 160,000 Accumulated Depreciation Equipment 81.000 241,000 Equipment (To record revaluation of plant assets) X Your answer is incorrect. Using your answer from part (c), what would be the amount of Kingbird's 2021 depreciation? Assume no change in the value of Kingbird's equipment in 2021, a 4 year remaining life, and no residual value. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit SE (To record depreciation expense)