can you please explain these journal entries?

Monty Corporation is a public company that manufactures farm implements, such as tractors, combines, and wagons. Monty uses the revaluation model per IAS 16, and records asset revaluations using the elimination method. (This means the balance in the accumulated depreciation account is eliminated against the asset account just prior to revaluation of the asset to fair value.) A piece of manufacturing equipment included in the property, plant, and equipment section on Monty's statement of financial position was purchased on December 31, 2019, for a cost of $96,000. The equipment was expected to have a remaining useful life of 5 years, with benefits being received evenly over the 5 years. Residual value of the equipment was estimated to be $9,500. Consider the following two situations: Situation 1: At December 31, 2020, no formal revaluation is performed, as management determines that the carrying amount of the property, plant, and equipment is not materially different from its fair value. Situation 2: At December 31, 2020, a formal revaluation is performed and the independent appraisers assess the equipment's fair value to be $85,000. During the revaluation process, it is determined that the remaining useful life of the equipment is four years, with a residual value of $11,000. At December 31, 2021, no formal revaluation is performed, as management determines that the carrying amount of the property, plant, and equipment is not materially different from its fair value. The equipment is sold on March 31, 2022, for $60,000. Prepare any journal entries required under situation 1 described above for: (1) the fiscal year ended December 31, 2020; (2) the fiscal year ended December 31, 2021; and (3) the disposal of the equipment on March 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit No. Date Account Titles and Explanation (1) December 31, 2020 (2) December 31, 2021 (3) March 31, 2022 (To record depreciation on equipment) March 31, 2022 (3) (To record disposal of equipment) Prepare any journal entries required under situation 2 described above for: (1) the fiscal year ended December 31, 2020; (2) the fiscal year ended December 31, 2021; and (3) the disposal of the equipment on March 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to o decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit No. Date (1) December 31, 2020 (To record depreciation of equipment) (1) December 31, 2020 (To eliminate the accumulated depreciation) (1) December 31, 2020 (To adjust the Equipment account to fair value) (2) December 31, 2021 (To record depreciation on equipment) (3) March 31, 2022 (To record depreciation on equipment) (3) March 31, 2022 (To record disposal of equipment) Assume that Monty uses the proportional method to record asset revaluations under the revaluation model. Prepare any journal entries required under situation 2 described above for: (1) the fiscal year ended December 31, 2020; (2) the fiscal year ended December 31, 2021; and (3) the disposal of the equipment on March 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round intermediate calculations to 2 decimal places, e.g. 57.45% and final answers to 0 decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit No. Date (1) December 31, 2020 (To record depreciation on equipment) (1) December 31, 2020 (To record revaluation surplus OCI) (2) December 31, 2021 (To record depreciation on equipment) (3) March 31, 2022 (To record depreciation on equipment) (3) March 31, 2022 (To record disposal of equipment) Accumulated Depletion Accumulated Depreciation - Vehicles Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Furniture Accumulated Depreciation - Machinery Accumulated Depreciation - Vehicles Accumulated Impairment Losses - Building Accumulated Impairment Losses - Equipment Accumulated Impairment Losses - Land Accumulated Impairment Losses - Machinery Accumulated Impairment Losses - Mine Accumulated Impairment Losses - Patents Accumulated Impairment Losses - Vehicles Allowance for Loss on Write-down of Held for Sale Assets Asset Retirement Obligation Buildings Cash Common Shares Contribution Expense Cost of Goods Sold Deferred Revenue - Government Grants Depreciation Expense Equipment Exploration Expense Furniture Gain on Disposal of Vehicles Gain on Disposal of Building Gain on Disposal of Equipment Gain on Disposal of Furniture Gain on Disposal of Machinery Gain on Disposal of Vehicle Gain on Disposal of Land Interest Expense Interest Payable Inventory Investment Property Land Loss on Disposal of Vehicles Loss on Disposal of Building Loss on Disposal of Equipment Loss on Disposal of Machinery Loss on Disposal of Land Loss on Disposal of Vehicles Loss on Expropriation Loss on Impairment Loss on Write-down of Held for Sale Assets Machinery Mineral Resources No Entry Notes Payable Oil Property Recovery of Loss from Impairment Recovery of Loss from Write-down of Held for Sale Assets Repairs and Maintenance Expense Retained Earnings Revaluation Surplus (OCI) Revenue - Government Grants Royalty Expense Vehicles