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 $224,000. 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Reg 28 Req3 Prepare the journal entry to record the revaluation of the equipment. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Debit No Credit General Journal Event 16.000 1 1 Equipment Accumulated depreciation Revaluation surplus-OCI OOO 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 $224,000. 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Req3 Calculate depreciation for 2022. (Round your denominator answer to 2 decimal places.) Choose Numerator: Straight-Line Depreciation 1 Choose Denominator: Estimated Useful Life (years) Annual Depreciation Expense Depreciation Expense Formula Cost minus Residual 5.00 X = S 44,800 Amount $ 224,000