Dower Corporation prepares its financial statements according to IFRS. On March 31, 2024, the company purchased equipment for $432,000. The equipment is expected to have a six-year useful life with no residual value. Dower uses the straight-line depreciation method for all equipment. On December 31, 2024, the end of the company's fiscal year, Dower chooses to revalue the equipment to its fair value of $396,000. Required: 1. Calculate depreciation for 2024. 2-a. Calculate the revaluation of the equipment. 2-b. Prepare the journal entry to record the revaluation of the equipment. 3. Calculate depreciation for 2025. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3 Calculate depreciation for 2025. Note: Round your denominator answer to 2 decimal places. Straight-Line Depreciation Choose Numerator: Formula Fair value Amounts $ Choose Denominator: Estimated Useful Life (years) 396,000 4.00 = $ EA Annual Depreciation Expense Annual Depreciation 99,000