Required information [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 $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. 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg Reg 2A Reg 28 Reg 3 Calculate the evaluation of the equipment (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount Before Revaluation $ 216.000 Conversion Factor Ah Revaluation $237,000 $189,000 Equipment 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 28 Reg 3 Calculate the revaluation of the equipment. (Do not round intermediate calculations, Round your final answers to nearest whole dollar amount.) Before Revaluation Conversion Factor Equipment $ 216,000 $237,000/$189,000 Accumulated depreciation (27,000) $237,000 / $189,000 Book value 189,000 $237,000/$189,000 After Rovaluation chooses to revalue the equipment to its fair value of $237,000. 2 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. Answer is not completa. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Res 3 Prepare the journal entry to record the evaluation 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.) Event NO 1 Debit Credit 1 General Journal Equipment Accumulated depreciation Revaluation surplus OCI OOO w equipment for >10.000. ine equipment is expectea to nave a six-year userul ite with no residual value. Lower 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 4A Reg 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.) No Event General Journal Debit Credit 1 Revaluation expense Accumulated depreciation Equipment 1 OO
