! 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 $240,000. The equipment is expected to have a six-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 $228,000. 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. Journal entry worksheet Record the revaluation of the equipment. Note: Enter debits before credits. Event General Journal Debit Credit 1 Equipment Accumulated depreciation Revaluation surplus-OCI Record entry Clear entry View general lournal. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3 Calculate depreciation for 2022. (Round your denominator answer to 2 decimal places.) Straight-Line Depreciation Choose Numerator: / Choose Denominator: Annual Depreciation Expense Depreciation Expense Formula Cost minus Residual i Estimated Useful Life (years) = Amount = 0