Dower Corporation prepares its financial statements according to IFRS. On March 31, 2021, the company...
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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 companys fiscal year, Dower chooses to revalue the equipment to its fair value of $230,000.
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 Req 3 Calculate depreciation for 2021. Straight-Line Depreciation Choose Numerator: Choose Denominator: II Annual C Formula 1 = Annual Amounts / = Year Fraction of Year = Depreciat Annual Depreciation 0 2021 $ = Req 1 Req 2A Req 2B Req 3 Prepare the journal entry to record the revaluation of the equipment. (If no entry is required f entry required" in the first account field. Do not round intermediate calculations. Round your f amount.) View transaction list Journal entry worksheet
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