E11-9 IFRS, revaluation of equipment; depreciation; partial periods LO11-10 IFRS Dower Corporation prepares its financial statements according to IFRS. On March 31, 2021, the company pur- chased 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, 2021, the end of the com- pany's fiscal year, Dower chooses to revalue the equipment to its fair value of $220,000. Required: 1. Calculate depreciation for 2021. 2. Prepare the journal entry to record the revaluation of the equipment. 3. Calculate depreciation for 2022. 4. Repeat requirement 2 assuming that the fair value of the equipment at the end of 2021 is $195,000.