[The following information applies to the questions displayed below.] Dower Corporation prepares its financial statements according to IFRS. On March 31, 2021, the company purchased equipment for $220,000. The equipment is expected to have a five-year useful life with no residual value. Dower uses the straight-line depreciation method for all equipment. On December 31, 2021, the end of the companys fiscal year, Dower chooses to revalue the equipment to its fair value of $223,000.

Required: 1.Calculate depreciation for 2021. 2-a. Calculate the revaluation of the equipment.

Required information (The following information applies to the questions displayed below.) Dower Corporation prepares its financial statements according to IFRS. On March 31, 2021, the company purchased equipment for $220,000. The equipment is expected to have a five-year useful life with no residual value. Dower uses the straight-line depreciation method for all equipment. On December 31, 2021, the end of the company's fiscal year, Dower chooses to revalue the equipment to its fair value of $223,000. Required: 1. Calculate depreciation for 2021. 2-a. Calculate the revaluation of the equipment. 2-b. Prepare the journal entry to record the revaluation of the equipment. 3. Calculate depreciation for 2022. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Reg 3 Calculate depreciation for 2021. Straight-Line Depreciation Choose Numerator: 1 Choose Denominator: = Annual Depreciation Formula Cost minus residual 1 Estimated Useful Life (years) Annual depreciation / Amounts Year Annual Depreciation Fraction of Year = Depreciation Expense 2021 $ = Required information [The following information applies to the questions displayed below.) Dower Corporation prepares its financial statements according to IFRS. On March 31, 2021, the company purchased equipment for $220,000. The equipment is expected to have a five-year useful life with no residual value. Dower uses the straight-line depreciation method for all equipment. On December 31, 2021, the end of the company's fiscal year, Dower chooses to revalue the equipment to its fair value of $223,000. Required: 1. Calculate depreciation for 2021. 2-a. Calculate the revaluation of the equipment. 2-b. Prepare the journal entry to record the revaluation 3. Calculate depreciation for 2022. the equipment. Complete this question by entering your answers in the tabs below. Req 1 Reg 2A Req 2B Req 3 Calculate the revaluation of the equipment. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Before Revaluation Conversion Factor After Revaluation Equipment Accumulated depreciation Book value $223,000 / $187,000 $223,000 / $187,000 $223,000 / $187,000