On 1 July 2014, Capers Ltd purchased equipment for a total cost of $220 000 including 10% GST. The estimated useful life of the equipment was 10 years, with an estimated residual value of $15 000. The entity’s reporting period ends on 30 June, and it uses straight-line depreciation. On 1 July 2016, the entity revalued the equipment upwards by $17 000 to reflect the fair value. The revised useful life was 8 years and residual value was estimated at $10 000. On 1 January 2018, Warren Ltd revalued the equipment downwards by $20 000 to reflect the fair value. 

Required

(a) Prepare the journal entries in relation to the equipment from the date of acquisition.

(b) Calculate the new carrying value of the equipment immediately after the revaluation downwards.