Question 6 Smart Corporation prepares its financial statements according to MFRS. On 30 June 2017, the company purchased equipment for RM350,000. The equipment is expected to have a seven-year useful life with no residual value. Smart Corporation uses the straight-line depreciation method for all depreciable assets. On 31 December 2017, the end of the company's fiscal year, Smart Corporation chooses to revalue the machinery to its fair value of RM299,000 Required: 1. Calculate depreciation for 2017 and prepare the journal entry to record the revaluation of the equipment. 2. Calculate depreciation for 2018 and prepare the journal entry assuming that the fair value of the equipment at the end of 2017 is RM338,000