(a) Double-declining balance method for 2018 and 2019 Problem Two - Revaluation Accounting (40%) Chan Corporation adopts revaluation accounting for its equipment that is used in operation of the business. The equipment was purchased on January 1, 2019 for $620,000. It has 5-year useful life with $20,000 residual value. The company has the following information related to the equipment. Assume that the estimated useful life and residual value do not change during the periods and the company uses straight-line method of depreciation. Round all answers to the nearest dollar. Date Fair Value January 3, 2019 $620,000 December 31, 2019 December 31, 2020 380,000 December 31, 2021 240,000 540,000 Based on IFRS, Chan Corporation transfers from AOCI to Retained Earnings or from Retained Earnings to AOCI the difference between depreciation based on the revalued carrying amount of the equipment and depreciation based on the asset's original cost. Instructions: Prepare the journal entries for Chan Corporation for the following transactions. (round your answer to the nearest dollars) a. Purchase of equipment on 1-1-2019. b. Adjusting entries related to the equipment on 12-31-2019. e. Adjusting entries related to the equipment on 12-31-2020. d. Adjusting entries related to the equipment on 12-31-2021