Barton Enterprises purchased equipment on January 1, 2014, at a cost of $350,000. Barton uses the straight-line depreciation method, a 5-year estimated useful life, and no residual value. At the end of 2014, independent appraisers determined that the assets have a fair value of $320,000.

Instructions
(a) Prepare the journal entry to record 2014 depreciation using the straight-line method.
(b) Prepare the journal entry to record the revaluation of the equipment.
(c) Prepare the journal entry to record 2015 depreciation, assuming no additional revaluation.