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, 2024, the end of the company's fiscal year, Dower chooses to revalue the equipment to its fair value of $220,000. Exercise 11-9 (Static) Part 1 "equired: - Calculate depreciation for 2024. a. Calculate the revaluation of the equipment. b. Prepare the journal entry to record the revaluation of the equipment. . Calculate depreciation for 2025. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Equipment Accumulated depreciation Book value Calculate the revaluation of the equipment. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar amount. Req 28 Before Revaluation S 240,000 30,000 210,000 60 $ Req 3 Conversion Factor $220,000+ $210,000 $220,000+ $210,000 $220,000+ $210,000 After Revaluation

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Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.