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Dower Corporation prepares its financial statements according to IFRS. On March 31, 2021, the company purchased equipment for $216,000. 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 company's fiscal year, Dower chooses to revalue the equipment to its fair value of $237,000 4a. Calculate the revaluation of the equipment assuming that the fair value of the equipment at the end of 2021 is $161.000 4b. Assume that the fair value of the equipment at the end of 2021 is $161,000. Prepare the journal entry to record the revaluation of the equipment Complete this question by entering your answers in the tabs below. Be 4 R16 Calculate the revaluation of the equipment assuming that the fair value of the equipment at the end of 2021 5161,000 (0 not round intermediate calculations, Round your final answers to nearest whole collar amount) Before Pevaluation Conversion factor After reation Acordeordon Heg48) Dower Corporation prepares its financial statements according to IFRS. On March 31, 2021, the company purchased equipment for $216,000. 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 company's fiscal year, Dower chooses to revalue the equipment to its fair value of $237000. 4a. Calculate the revaluation of the equipment assuming that the fair value of the equipment at the end of 2021is $161.000. 4b. Assume that the fair value of the equipment at the end of 2021 is $161000. Prepare the journal entry to record the revaluation of the equipment Complete this question by entering your answers in the tabs below. Reg 4 Req 48 Assume that the fair value of the equipment at the end of 2021 is $161,000. Prepare the journal entry to record the revaluation of the equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round Intermediate calculations. Round your final answers to nearest whole dollar amount.) View transaction liat View journal entry worksheet Debit Credit No 1 Event 1 General Journal Revaluation expense Accumulated depreciation Equipment 15,000 2.000 17.000