Tamarisk Ltd$.$ acquired an excavator on January $1,2020,$ for $11,000($all amounts in thousands$).$ This excavator represents the

company's only piece of equipment, and Tamarisk chooses revaluation accounting. This excavator is being depreciated on a straight$-$

line basis over its $10-$year useful life. There is no residual value at the end of the $10-$year period. The appraised value of the excavator

approximates the carrying value at December $31,2020$ and $2022.$ On December $31,2021,$ the fair value is determined to be $9,680$;

on December $31,2023,$ the fair value is determined to be $5,500.$

$($a$)$ Show all journal entries for each year$-$end from $2020$ through $2023.($If no entry is required, select $"$No entry" for the account titles and

enter $0$ for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal

entries in the order presented in the problem.$)$

Date

Account Titles and Explanation

Debit

Credit

Equipment

Depreclation Expense

$($To record depreciation expense in $2021)$

Accumulated Depreclation$-$Equlpment

$($To adjust the equipment to fair value and record

revaluation increase$)$

$($To record depreciation expense in $2022)$

Accumulated Other Comprehenslve Income

$($To record transfer from AOCl to Retained Earnings$)$

Accumulated Depreclation$-$Equlpment

$($To record depreciation expense in $2023)$

Retalned Earnings

Accumulated Other Comprehenslve Income

$($To record transfer from AOCl to Retained Earnings$)$

Unreallized Galn on Revaluation

Loss on Impalrment