On 1 July 2023 an item of equipment is acquired at a cost of \($3\) million. The asset is to be depreciated using the straight-line method on the basis of an estimated useful life of 15 years and a negligible residual value.

On 30 June 2026 it is determined that the asset has a value in use of \($2\) million and a fair value of \($1.8\) million before costs of disposal of \($50\) 000. The remaining useful life of the asset is reassessed to be 8 years.

On 30 June 2028 it is determined that the asset has a value in use of \($1.2\) million and a fair value of \($1.1\) million before costs of disposal of \($50\) 000. The remaining useful life of the asset is reassessed to be 5 years.

Required

Prepare the journal entries for any depreciation and impairment adjustments on the
following dates.

1. 30 June 2026

2. 30 June 2028

3. 30 June 2029