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 $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 company's fiscal year, Dower chooses to revalue the equipment to its fair value of $220,000. 4a. Calculate the revaluation of the equipment assuming that the fair value of the equipment at the end of 2021 is $195,000. 4b. Assume that the fair value of the equipment at the end of 2021 is $195,000. Prepare the journal entry to record the revaluation of the equipment. Complete this question by entering your answers in the tabs below.