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 $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. Reg 3 Reg 1 Reg 2A Reg 28 Calculate depreciation for 2021. Straight Line Depreciation Choose Denominator: Choose Numerator: 1 Annual Depreciation Annual depreciation Formula 1 1 Amounts Year Annual Depreciation Fraction of Year Depreciation Exponse 2021 $ X 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 $224,000. 4a. Calculate the revaluation of the equipment assuming that the fair value of the equipment at the end of 2021 is $163,000. 4b. Assume that the fair value of the equipment at the end of 2021 is $163,000. Prepare the journal entry to record the revaluation of the equipment Complete this question by entering your answers in the tabs below. Reg 4 Req 4B Calculate the revaluation of the equipment assuming that the fair value of the equipment at the end of 2021 Is $163,000. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Before revaluation Conversion factor After revaluation Equipment Accumulated depreciation Book value