Merando Company acquired equipment on January 1, 2020, for 60,000. Merando elects to value this class of equipment using revaluation accounting. This equipment is being depreciated on a straight-line basis over its 6-year useful life. There is no residual value at the end of the 6-year period. The appraised value of the equipment approximates the carrying amount at December 31, 2020 and 2022. On December 31, 2021, the fair value of the equipment is determined to be 35,000. (a) Prepare the journal entries for 2020 related to the equipment. (b) Prepare the journal entries for 2021 related to the equipment. (c) Determine the amount of depreciation expense that Merando will record on the equipment in 2022.