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Synthetic Fuels Corporation prepares its financial statements according to IFRS. On June 30, 2019, the...

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Accounting

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Synthetic Fuels Corporation prepares its financial statements according to IFRS. On June 30, 2019, the company purchased equipment for $360,000. The equipment is expected to have a six- year useful life with no residual value. Synthetic uses the straight-line depreciation method for all depreciable assets and chooses to revalue the equipment. Fair value of the equipment was $346,500 at 12/31/2019 and $255,150 at 12/31/2020, respectively. Required: 1. Calculate the depreciation for 2019 and prepare the journal entry to record it. Prepare the journal entry to Jecord the revaluation of the equipment at 12/31/2019 (Show supporting calculations). 2. 3. 3 Calculate the depreciation for 2020 and prepare the journal entry to record it. 4. Prepare the journal entry to record the revaluation of the equipment at 12/31/2020 (Show supporting calculations)

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