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Parnell Company acquired construction equipment on January 1, 2020, at a cost of $70,500. The...

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Accounting

Parnell Company acquired construction equipment on January 1, 2020, at a cost of $70,500. The equipment was expected to have a useful life of five years and a residual value of $15,000 and is being depreciated on a straight-line basis. On January 1, 2021, the equipment was appraised and determined to have a fair value of $65,500, a salvage value of $15,000, and a remaining useful life of four years. In measuring property, plant, and equipment subsequent to acquisition under IFRS, Parnell would opt to use the revaluation model in IAS 16. 01/01/2021

Revaluation surpluss is $6,100 what is the depreciation expense and the equipment according the the IFRS

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