Dower Corporation prepares its financial statements according to IFRS. On March 31, 2016, the company purchased equipment for $200,000. 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, 2016 the end of the company's fiscal year, Dower chooses to revalue the equipment to its fair value of $231,000 Required 1. Calculate depreciation for 2016 Straight-Line Depreciatio Annual Choose Numerator: Choose Denominator: ciation t minus Salvage Estimated Useful Life (years) Annual Depreciation 40,000 = 200,000 Depreciation Expense Year Annual Depreciationx Fraction of Year 2016S 40,000 X 30,000 2-a. Calculate the revaluation of the equipment Before Revaluation After Revaluation Conversion Factor Equipment Accumulated depreciation Book value 231,000/ $170,000 $231,000/$170,000 S231,000/$170,000