Chan Group uses revaluation accounting for a class of equipment it uses in its Tennis club business. Chan purchased the equipment on January 1, 2019, for $600,000; it has a 10-year useful life with no residual value. Chan Group has the following information related to the equipment. (Assume that Chan uses Straight-line method for depreciation and the estimated useful life and residual value does not change during the periods presented below.) Date Fair Value January 1, 2019 December 31, 2019 December 31, 2020 $600,000 567,000 440,000 460,000 December 31, 2021 Instructions (ROUND ALL YOUR ANSWER TO THE NEAREST DOLLAR(S)). 1. Prepare the entry to record the Purchase of equipment on 1-1-2019 2. Prepare the entry to record the Depreciation of equipment & AOCI adjustment, if any, on 12-31-2019 3. Prepare the entry to record the Revaluation of equipment on 12-31-2019 4. Determine the amounts to be reported by Chan Group at December 31, 2019. (Insert a bracket for the expenses, losses or negative balance) WORKINGS 12/31/2019 BALANCE +/(-) Equipment (Impairment Loss) / Recovery of Impairment Loss Other Comprehensive Income - Unrealized Gain/(Loss) on revaluation - equipment (OCI) Accumulated Other Comprehensive Income Chan Group uses revaluation accounting for a class of equipment it uses in its Tennis club business. Chan purchased the equipment on January 1, 2019, for $600,000; it has a 10-year useful life with no residual value. Chan Group has the following information related to the equipment. (Assume that Chan uses Straight-line method for depreciation and the estimated useful life and residual value does not change during the periods presented below.) Date Fair Value January 1, 2019 December 31, 2019 December 31, 2020 $600,000 567,000 440,000 460,000 December 31, 2021 Instructions (ROUND ALL YOUR ANSWER TO THE NEAREST DOLLAR(S)). 1. Prepare the entry to record the Purchase of equipment on 1-1-2019 2. Prepare the entry to record the Depreciation of equipment & AOCI adjustment, if any, on 12-31-2019 3. Prepare the entry to record the Revaluation of equipment on 12-31-2019 4. Determine the amounts to be reported by Chan Group at December 31, 2019. (Insert a bracket for the expenses, losses or negative balance) WORKINGS 12/31/2019 BALANCE +/(-) Equipment (Impairment Loss) / Recovery of Impairment Loss Other Comprehensive Income - Unrealized Gain/(Loss) on revaluation - equipment (OCI) Accumulated Other Comprehensive Income