Wheel Inc. а Cаnаdian public cоmpany, оwns equipment that was purchased оn January 1, 2023, for $4,000,000. The company uses the revaluation model (asset adjustment method) to account for its equipment. The following account balances relate to the finalized December 31, 2023 financial statements relating to this equipment: Equipment $4,100,000 Dr. Accumulated depreciation equipment $0 Revaluation surplus (OCI) 500,000 Cr. In 2024, depreciation on the equipment was recorded of $450,000. Equipment values fell and the fair value of the equipment was determined to be $2,500,000 at the December 31, 2024 year-end. Required: a. Prepare the journal entries needed to adjust the equipment's carrying amount to fair value on December 31, 2024. Fill in the blue journal entry form below, note that extra cells have been provided. (7 marks) b. What other accounting policy choice(s) related to the subsequent valuation of equipment are available to Wheel Inc.? (1 mark) c. What is one benefit and one drawback of choosing the revaluation model to account for their equipment? (2 marks)