Smithson Ltd. prepares its financial statements according to IFRS. On March 30, 2018, the company purchased a franchise for $4,040,000. The franchise has a 8-year contractual life with no residual value. Smithson uses the straight-line amortization method for all intangible assets. On December 31, 2018, the end of the company's fiscal year, Smithson chooses to revalue the franchise. There is an active market for this particular franchise and its fair value on December 31 is $3,760,000. Required: 1. Calculate amortization for 2018. 2. Prepare the journal entry to record the revaluation of the franchise. 3. Calculate amortization for 2019. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate amortization for 2019. (Round your answer to the nearest whole dollar amount.) 2019 amortization: Required 1 Required 2 Required 3 Prepare the journal entry to record the revaluation of the franchise. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the revaluation of the franchise. Note: Enter debits before credits. General Journal Debit Credit Event 1 Record entry Clear entry View general Journal Smithson Ltd. prepares its financial statements according to IFRS. On March 30, 2018, the company purchased a franchise for $4,040,000. The franchise has a 8-year contractual life with no residual value. Smithson uses the straight-line amortization method for all intangible assets. On December 31, 2018, the end of the company's fiscal year, Smithson chooses to revalue the franchise. There is an active market for this particular franchise and its fair value on December 31 is $3,760,000. Required: 1. Calculate amortization for 2018. 2. Prepare the journal entry to record the revaluation of the franchise. 3. Calculate amortization for 2019. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate amortization for 2018. 2018 amortization: