PETER Group uses revaluation accounting for a class of equipment it uses in its golf club refurbishing business. The equipment was purchased on January 1, 2019, for $500,000; it has a 8- year useful life with $100,000 residual value assumed no change until end of year 8). PETER used the straight-line method of depreciation. PETER has the following information related to the equipment Date Fair Value December 31, 2019 $485,000 December 31, 2020 390,000 Instructions (Assumed no tax effect on the transaction) (a) Prepare the entry to record the purchase of the equipment on January 1 2019. (b) Prepare the entry to record the depreciation of equipment on December 31, 2019. (c) Prepare the entry to record the revaluation of equipment on December 31, 2019. (d) Prepare the entry to record the closing entry related to the comprehensive income item on December 31, 2019. (e) Prepare the entry to record the depreciation of equipment and AOCI adjustment on 12/31/2020 (f) Prepare the entry to record the revaluation of equipment on December 31, 2020