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 $220,000. The equipment is expected to have a five-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 $223,000. 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 2B Reg 3 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 Equipment 42,353 Accumulated depreciation Revaluation surplus- OCI O ( Req 2A Req3 > 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 $220,000. The equipment is expected to have a five-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 $223,000. 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Reg 3 Calculate depreciation for 2022. (Round your denominator answer to 2 decimal places.) Straight-Line Depreciation Annual Depreciation Expense Choose Numerator Costminus Salvage 223.000 Choose Denominator: Estimated Units of Production Depreciation Expense = 0 Reg 2B Reg ) 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 $220,000. The equipment is expected to have a five-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 $223.000 4a. Calculate the revaluation of the equipment assuming that the fair value of the equipment at the end of 2021 is $162,000. 4b. Assume that the fair value of the equipment at the end of 2021 is $162,000. Prepare the journal entry to record the revaluation of the equipment Complete this question by entering your answers in the tabs below. Reg 4A Reg 4B Calculate the revaluation of the equipment assuming that the fair value of the equipment at the end of 2021 is $162,000. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Before evaluation Conversion factor After revaluation Equipment Accumulated depreciation Book value Re R eg 4B > 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 $220,000. The equipment is expected to have a five-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 $223.000. 4a. Calculate the revaluation of the equipment assuming that the fair value of the equipment at the end of 2021 is $162,000 4b. Assume that the fair value of the equipment at the end of 2021 is $162,000. Prepare the journal entry to record the revaluation of the equipment 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 $162,000. 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.) View transaction list Journal entry worksheet Record the revaluation of the equipment. Note: Enter debts before credits Event General Journal Debit Credit Record entry Clear entry View general journal
