Required information Skip to question [The following information applies to the questions displayed below.] Dower Corporation prepares its financial statements according to IFRS. On March 31, 2021, the company purchased equipment for $240,000. 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 companys fiscal year, Dower chooses to revalue the equipment to its fair value of $224,000. Required:

1.Calculate depreciation for 2021.

2-a. Calculate the revaluation of the equipment.

2-b. Prepare the journal entry to record the revaluation of the equipment.

3.Calculate depreciation for 2022.

Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Reg 3 Calculate depreciation for 2021. Straight-Line Depreciation Choose Denominator: Choose Numerator: 1 Annual Depreciation Annual depreciation Formula 1 11 II Amounts Year 2021 Annual Depreciation Fraction of Year Depreciation Expense X 11 KROQ Req 2A >