At the beginning of its 2016 fiscal year, Amershan Co. purchased equipment for $100,000. The equipment is expected to have a five-year life useful life with no residual value. At the end of the year, the company chooses to revalue the equipment. The fair value of the equipment is $84,000.

The company uses IFRS. Prepare a journal entry to record the revaluation of the equipment. Calculate the depreciation expense for 2017.