Maarten Co. Ltd is a private company in South Africa. It began production of smart phones on Jan 1, 2013. At January 1, 2013, Maarten Co. Ltd purchased production equipment for $800,000. The equipment is expected to have a five-year useful life with no residual value. The company uses straight-line method for recording depreciation. At the end of 2013, Maarten Co. Ltd chose to use the revaluation model in reporting equipment in accordance with IAS No. 16. The fair value of the equipment is $680,000 at the end of 2013 and $450,000 at the end of 2014. Required: (support your answers with detailed calculations) Using the proportionate method in accordance with IFRS and basing on the above information given, a. assuming that Maarten Co. Ltd is using the equipment until the end of its useful life prepare the journal entries to record the depreciation expenses for 2013 and 2014 and the revaluation of the equipment to its fair value at each year end. (14 marks) b. assuming that Maarten Co. Ltd sold the equipment for $400,000 cash on July 1, 2014 after revaluation at 2013 year end. Prepare the journal entries to record the sale of the equipment. (6 marks) Part B What information or three factors to be considered to determine periodic depreciation of a long-lived tangible asset