Barton Enterprises purchased equipment on January 1, 2020, at a cost of 350,000. Barton uses the straightline depreciation method, a 5year estimated useful life, and no residual value. At the end of 2020, independent appraisers determined that the assets have a fair value of 320,000.

*Journalize entries for straightline depreciation and revaluation

a. Prepare the journal entry to record 2020 depreciation using the straightline method.

b. Prepare the journal entry to record the revaluation of the equipment.

c. Prepare the journal entry to record 2021 depreciation, assuming no additional revaluation.