The Banks Company reports using IFRS and uses fair value for its valuation method under IAS 16. The company acquired a small sailboat on January 1, 2011. It would have liked to have purchased a yacht and helicopter but did not have adequate cash reserves to do so. The sailboat has an expected useful life of 10 years and an estimated zero residual value. The cost of the boat was $50,000. The company uses straight-line depreciation and the depreciation-elimination method for revaluations. On December 31, 2013, the fair value of the boat was $31,500. On December 31, 2016, the fair value of the boat was $25,000. At the end of each year, management has reviewed for impairment indicators and noted that none exist. In addition, the company’s policy is to reverse a portion of revaluation surplus related to any increased depreciation expense due to revaluation.

Provide all necessary journal entries for 2011 through 2016.