Clarke Inc. owns a tractor trailer with the following data at December 31, 2015:Cost$750,000Accumulated Depreciation$250,000Residual value$-Remaining useful life16yearsFair value - December 31, 2015$580,000Fair value - December 31, 2018$375,000Fair value - December 31, 2020$350,000Instructions:Assuming the company uses the revaluation model for dealing with its vehicles provide all necessary entries at the following dates and situations.(Show all calculations)a) December 31, 2015.Assume all depreciation has already been recorded.b) The depreciation entry at December 31, 2016 (depreciation for the year).c) December 31, 2018.Assume all depreciation has already been recorded.