Saint John Corporation prepares its financial statements according to IFRS. On June 30 2016. the company purchased a franchise for $1,200,000. The franchise is expected to have a 10-year useful life with no residual value. Saint John uses straight-line authorization method for all intangible assets. On december 31, 2016. the end of the company's final year. Saint John chooses to revalue the . There is market for this particular franchise and its fair value on December 31,2016. $1,180,000. Required: Calculate authorization for 2016. Prepare the journal entry to record the revaluation of the patent. Calculate authorization for 2017