Dower Corporation prepares its financial statements according to IFRS. On March 31, 2021, the company purchased equipment for $220,000. The equipment is expected to have a five-year useful life with no residual value. Dower uses the straight-line depreciation method for all equipment. On December 31, 2021, the end of the companys fiscal year, Dower chooses to revalue the equipment to its fair value of $232,000.

Required: 1.Calculate depreciation for 2021. 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 2022.