Required information [The following information applies to the questions displayed below.] Dower Corporation prepares its financial statements according to IFRS. On March 31, 2024, the company purchased equipment for $408,000. 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, 2024, the end of the company's fiscal year, Dower chooses to revalue the equipment to its fair value of $374,000. 4a. Assume no revaluation surplus exists before this entry. Calculate the revaluation of the equipment assuming that the fair value of the equipment at the end of 2024 is $331,500. 4b. Assume that the fair value of the equipment at the end of 2024 is $331,500. Prepare the journal entry to record the revaluation of the equipment. Complete this question by entering your answers in the tabs below. Req 4A Req 4B Complete this question by entering your answers in the tabs below. Req 4A Req 4B Assume no revaluation surplus exists before this entry. Calculate the revaluation of the equipment assuming that the fair value of the equipment at the end of 2024 is $331,500. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar amount. Equipment Accumulated depreciation Book value Before revaluation Conversion factor After revaluation + Req 4A Req 4B > Assume that the fair value of the equipment at the end of 2024 is $331,500. Prepare the journal entry to record the revaluation of the equipment. Note: 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 list Journal entry worksheet < 1 Record the revaluation of the equipment. Note: Enter debits before credits. Event 1 General Journal Debit Credit Show less A