Synthetic Fuels Corporation prepares its financial statements according to IFRS. On June 30, 2016, the company purchased equipment for $336,000. 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 companys fiscal year, Synthetic chooses to revalue the equipment to its fair value of $287,040. Required:

1. Calculate depreciation for 2016.

Prepare the journal entry at the end of 2016 to record the revaluation of the equipment. (Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)