Whispering Winds Corporation is a public company that manufactures farm implements, such as tractors, combines, and wagons. Whispering Winds uses the revaluation model per IAS 16, and records asset revaluations using the elimination method. (This means the balance in the accumulated depreciation account is eliminated against the asset account just prior to revaluation of the asset to fair value.) A piece of manufacturing equipment included in the property, plant, and equipment section on Whispering Winds's statement of financial position was purchased on December 31, 2019, for a cost of $104,000. The equipment was expected to have a remaining useful life of 5 years, with benefits being received evenly over the 5 years. Residual value of the equipment was estimated to be $10,500. Consider the following two situations: Situation 1: At December 31, 2020, no formal revaluation is performed, as management determines that the carrying amount of the property, plant, and equipment is not materially different from its fair value. Situation 2: At December 31, 2020, a formal revaluation is performed and the independent appraisers assess the equipment's fair value to be $93,000. During the revaluation process, it is determined that the remaining useful life of the equipment is four years, with a residual value of $11,000. At December 31, 2021, no formal revaluation is performed, as management determines that the carrying amount of the property, plant, and equipment is not materially different from its fair value. The equipment is sold on March 31, 2022, for $64,000. Prepare any journal entries required under situation 1 described above for: (1) the fiscal year ended December 31, 2020; (2) the fiscal year ended December 31, 2021; and (3) the disposal of the equipment on March 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit No. Date Account Titles and Explanation (1) December 31, 2020 Depreciation Expense 18700 Accumulated Depreciati 18700 (2) December 31, 2021 Depreciation Expense 18700 Accumulated Depreciati 18700 (3) March 31, 2022 Depreciation Expense 4675 4675 Accumulated Depreciati (To record depreciation on equipment) (3) March 31, 2022 Cash 64000 Accumulated Depreciation Gain on Disposal of Equipn 104000 Equipment (To record disposal of equipment) 2 Prepare any journal entries required under situation 2 described above for: (1) the fiscal year ended December 31, 2020; (2) the fiscal year ended December 31, 2021; and (3) the disposal of the equipment on March 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to o decimal places, e.g. 5,275.) Debit Credit 18700 No. Date Account Titles and Explanation (1) December 31, 2020 Depreciation Expense Accumulated Depreciati (To record depreciation of equipment) 18700 (1) December 31, 2020 Accumulated Depreciation 18700 18700 Equipment (To eliminate the accumulated depreciation) (1) December 31, 2020 Equipment 4675 4675 Revaluation Surplus (O (To adjust the Equipment account to fair value) (2) December 31, 2021 Depreciation Expense 18700 18700 Accumulated Depreciati (To record depreciation on equipment) (3) March 31, 2022 Depreciation Expense Accumulated Depreciation (To record depreciation on equipment) March 31, 2022 Cash (3) Accumulated Depreciation Loss on Disposal of Equipn Equipment (To record disposal of equipment) Assume that Whispering Winds uses the proportional method to record asset revaluations under the revaluation model. Prepare any Journal entries required under situation 2 described above for: (1) the fiscal year ended December 31, 2020; (2) the fiscal year ended December 31, 2021; and (3) the disposal of the equipment on March 31, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round intermediate calculations to 2 decimal places, e.g. 57.45% and final answers to 0 decimal places, e.g. 5,275.) Debit Credit 18700 No. Date Account Titles and Explanation (1) December 31, 2020 Depreciation Expense Accumulated Depreciati (To record depreciation on equipment) (1) December 31, 2020 Equipment 18700 Accumulated Depreciation Revaluation Surplus (OCI) (To record revaluation surplus OCI) (2) December 31, 2021 Depreciation Expense 18700 18700 Accumulated Depreciati (To record depreciation on equipment) (3) March 31, 2022 Depreciation Expense 4675 4675 Accumulated Depreciati (To record depreciation on equipment) (3) March 31, 2022 Cash Accumulated Depreciation Loss on Disposal of Equipn Equipment (To record disposal of equipment)