Please Help with Part C all others are correct

Culver Corporation is a public company that manufactures farm implements, such as tractors, combines, and wagons. Culver uses the revaluation model per IAS 16, and records asset revaluations using the elimination method. (This means the balance in the accumulated depreciation account is eliminated against the asset account just prior to revaluation of the asset to fair value.) A piece of manufacturing equipment included in the property, plant, and equipment section on Culver's statement of financial position was purchased on December 31, 2019, for a cost of $106,000. The equipment was expected to have a remaining useful life of 5 years, with benefits being received evenly over the 5 years. Residual value of the equipment was estimated to be $10,500. Consider the following two situations: Situation 1: At December 31, 2020, no formal revaluation is performed, as management determines that the carrying amount of the property, plant, and equipment is not materially different from its fair value. Situation 2: At December 31, 2020, a formal revaluation is performed and the independent appraisers assess the equipment's fair value to be $94,000. During the revaluation process, it is determined that the remaining useful life of the equipment is four years, with a residual value of $12,000. At December 31, 2021, no formal revaluation is performed, as management determines that the carrying amount of the property, plant, and equipment is not materially different from its fair value. The equipment is sold on March 31, 2022, for $66,000. A Prepare any journal entries required under situation 1 described above for: (1) the fiscal year ended December 31, 2020; (2) the fiscal year ended December 31, 2021; and (3) the disposal of the equipment on March 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Credit Debit $ 19,100 1 2020 $ 19,100 Cost residual val useful life 2 2021 $ 19,100 $ 19,100 3 2022 $ 4,775 Account Titles and Explanation 31-Dec Depreciation Expense Accumulated Depreciation - Equipment 31-Dec Depreciation Expense Accumulated Depreciation - Equipment 31-Mar Depreciation Expense Accumulated Depreciation - Equipment (To Record depreciation on equipment) 31-Mar Cash Accumulated Depreciation - Equipment Gain on Disposal of Equipment Equipment (To Record disposal of equipment) $ 4,775 3 2022 $ 66,000 $ 42,975 $ 2,975 $ 106,000 B Prepare any journal entries required under situation 2 described above for: (1) the fiscal year ended December 31, 2020; (2) the fiscal year ended December 31, 2021; and (3) the disposal of the equipment on March 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to O decimal places, e.g. 5,275.) 1 2020 1 2020 1 2020 Fair Value cost revaluation 2 2021 Account Titles and Explanation Debit Credit 31-Dec Depreciation Expense $ 19,100 Accumulated Depreciation - Equipment $ 19,100 (To Record depreciation of equipment) 31-Dec Accumulated Depreciation - Equipment $ 19,100 Equipment $ 19,100 (To eliminate the accumulated depreciation) 31-Dec Equipment $ 7,100 Revaluation Surplus $ 7,100 (To adjust the equipment account to fair value) 31-Dec Depreciation Expense $ 20,500 Accumulated Depreciation - Equipment $ 20,500 (To Record depreciation on equipment) 31-Mar Depreciation Expense $ 5,125 Accumulated Depreciation - Equipment $ 5,125 (To Record depreciation on equipment) 31-Mar Cash $ 66,000 Accumulated Depreciation - Equipment $ 25,625 Loss on Disposal of Equipment $ 2,375 Equipment $ 94,000 (To Record disposal of equipment) $ 94,000 $ 94,000 fair value residual valu useful life depreciation 3 2022 3 2022 Assume that Culver uses the proportional method to record asset revaluations under the revaluation model. Prepare any journal entries required under situation 2 described above for: (1) the fiscal year ended December 31, 2020; (2) the fiscal year ended December 31, 2021; and (3) the disposal of the equipment on March 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round intermediate calculations to 2 decimal places, e.g. 57.45% and final answers to 0 decimal places, e.g. 5,275.) No. Account Titles and Explanation Debit Credit Date 2020 1 31-Dec (To Record depreciation on equipment) 1 2020 31-Dec (To record revaluation surplus OCI) 31-Dec 2 2021 (To Record depreciation on equipment) 3 2022 31-Mar (To Record depreciation on equipment) 3 2022 31-Mar (To Record disposal of equipment)