Dower Corporation prepares its financial statements according to IFRS. On March 31, 2021, the company purchased equipment for $192,000. 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, 2021, the end of the companys fiscal year, Dower chooses to revalue the equipment to its fair value of $236,000.

4a. Calculate the revaluation of the equipment assuming that the fair value of the equipment at the end of 2021 is $160,000. 4b. Assume that the fair value of the equipment at the end of 2021 is $160,000. Prepare the journal entry to record the revaluation of the equipment.

Req 4A Req 4B Calculate the revaluation of the equipment assuming that the fair value of the equipment at the end of 2021 is $160,000. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Before revaluation Conversion factor After revaluation $ 192,000 Equipment Accumulated depreciation Book value Record the revaluation of the equipment. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal