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 Depreciation Annual Depreciation Annual Depreciation Choose Numerator: Choose Denominator: Estimated Useful Life (years) | / 200,000I Year Annual Depreciationx ost minus Salvage = 40,000 Depreciation Expense Fraction of Year 2016 $ 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/$170,000 271,765 $231,000 $170,000 $231,000 $170,000 231,000 $ 200,000 30,000 40,765 $ 170,000