Barton Enterprises purchased equipment on January 1, 2020, at a cost of €350,000

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Barton Enterprises purchased equipment on January 1, 2020, 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 2020, independent appraisers determined that the assets have a fair value of €320,000.

*Journalize entries for straight?line depreciation and revaluation

a. Prepare the journal entry to record 2020 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 2021 depreciation, assuming no additional revaluation.