Clarke Inc. owns a tractor trailer with the following data at December 31, 2015:
	Cost	$ 750,000
	Accumulated Depreciation	$ 250,000
	Residual value	$ -
	Remaining useful life	16	years
	Fair value - December 31, 2015	$ 580,000
	Fair value - December 31, 2018	$ 375,000
	Fair value - December 31, 2020	$ 350,000
Instructions:
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.
a)
Date	Description	Dr	Cr
Show calculations here:
b)
Date	Description	Dr	Cr
Show calculations here:
c)
Date	Description	Dr	Cr
Show calculations here: