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. 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 Req3 Calculate depreciation for 2021. Straight-Line Depreciation 1 Choose Denominator: Choose Numerator: = Annual Depreciation Annual Depreciation Formula / = Amounts Year Annual Depreciation Fraction of Year Il Depreciation expense 2021 $ 0 X II Calculate the revaluation of the equipment. (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 Journal entry worksheet Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Reg 2B Reg 3 Calculate depreciation for 2022. (Round your denominator answer to 2 decimal places.) Straight-Line Depreciation Choose Denominator: Choose Numerator: Annual Depreciation Expense Depreciation Expense Formula / Amounts 1 0 Assume tnat tne rair value or tne equipment at tne ena or ZUZI IS $195,00U. Prepare tne journal entry to recora une revaluation or tne equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculations. Round your final answers to nearest whole number.) View transaction list Journal entry worksheet