Dower Corporation prepares its financial statements according to IFRS. On March 31, 2024, the company purchased equipment for $240,000. 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 $220,000. Exercise 11-9 (Static) Part 1 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 . Complete this question by entering your answers in the tabs below. Calculate the revaluation of the equipment. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar amount