Detailed answer, ASAP please. I will rate.

Problem 2 James Co. purchased equipment on January 1, 2017 for $1,200,000 cash. The company uses the revaluation model for its equipment. The useful life is 15 years and the residual value is $100,000. On December 31, 2018 and December 31, 2020, the fair value of the equipment was estimated at $1,300,000 and $850,000, respectively. The company uses straight line method of depreciation. Required Prepare all the journal entries from January 1, 2017, to December 31, 2020 for equipment