Dower Corporation prepares its financial statements according to IFRS. on March 31, 2021, the company purchased equipment for $240,000. 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 companies fiscal year, Dower chooses to revalue the equipment to it's fair value of $222,000.

chooses to revalue the equipment to its fair value of $22 Required: 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. Complete this question by entering your answers in the tabs below. Reg 1 Reg Copy Req 2B Reg 3 Calculate the revaluation of the equipment. (Do not round intermediate calculations. Ro whole dollar amount.) Before Revaluation Conversion Factor After Revaluation Equipment Accumulated depreciation Book value $222,000 / $204,000 $222.000 / $204,000 $222,000 / $204,000 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Reg 2A Reg 2B Reg 3 Prepare the journal entry to record the revaluation of the equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Debit Credit Event No Gengral Journal 1 1 19,500 Equipment Accumulated depreciation Revaluation surplus-OCI 1. Required: Calculate depreciation for 2021. 2-0. Calculate the revaluation of the equipment. 2-b. Prepare the journal entry to record the revaluation of the equipment 3. Calculate depreciation for 2022 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 2B Reg 3 Calculate depreciation for 2022. (Round your denominator answer to 2 decimal places.) Straight-Line Depreciation Choose Denominator: Choose Numerator: Cost minus Residual Annual Depreciation Expense Depreciation Expense Formula Estimated Useful Life (years) Amount $ 222.000 0 4a. Calculate the revaluation of the equipment assuming that the fair value of the equipment at the end of 2021 is $161.000 4b. Assume that the fair value of the equipment at the end of 2021 is $161,000. Prepare the journal entry to record the revaluation of the equipment Complete this question by entering your answers in the tabs below. Reg 4A Reg 4B Assume that the fair value of the equipment at the end of 2021 is $161,000. Prepare the journal entry to record the revaluation of the equipment. (If no entry is required for a transaction/event, select "No journal entry required in the first account fold. Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) View transaction list Journal entry worksheet Record the revaluation of the equipment. Note: Enter debits before credits General Journal Debit Credit Event 1 Record entry Clear entry View general journal