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 $264,000. 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 $235,000. Calculate depreciation for 2021. Calculate the revaluation of the equipment. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Journal entry worksheet wote: Encer dedits before credits. Calculate depreciation for 2022 . (Round your denominator answer to 2 decimal places.) Calculate the revaluation of the equipment assuming that the fair value of the equipment at the end of 2021 is $159,000. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Journal entry worksheet Record the revaluation of the equipment. Note: Enter debits before credits