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Sheridan Company acquired equipment on January $1,2021,$ for $11,040.$ Sheridan elects to value this class of equipment using revaluation accounting. This equipment is being depreciated on a straight$-$line basis over its $6-$year useful life. There is no residual value at the end of the $6-$year period. The appraised value of the equipment approximates the carrying amount at December $31,2021$ and $2023.$ On December $31,2022,$ the fair value of the equipment is determined to be $6,440.$

$($a$)$

Prepare the journal entries for $2021$ related to the equipment. $($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.$)$

b$.)$ prepare the journal entry to record depreciation expense for $2022$

c$.)$ the fair value of equipment at decemder $31,2022,$ is $$6440,$ prepare the journal entry if necessary to record this increase in fair value