Synthetic Fuels Corporation prepares its financial statements according to IFRS. On June 30, 2016, the company purchased equipment for $350,000. The equipment is expected to have a seven-year useful life with no residual value Synthetic uses the straight-line depreciation method for all depreciable assets. On December 31, 2016, the end of the company's fiscal year, Synthetic chooses to revalue the machinery to its fair value of $299,000 Required: 1. Calculate depreciation for 2016, 2. Prepare the journal entry at the end of 2016 to record the revaluation of the equipment. 3. Calculate depreciation for 2017 4. Repeat requirement 2 assuming that the fair value of the equipment at the end of 2016 is $338,000