1. List the Australian accounting standard(s) that are relevant to the Revaluations and Impairment Testing of Non-Current Assets. 2. 'Asset revaluation is the same as impairment losses'. What is wrong with this statement? Provide the correct explanation of these two terms, in their correct context. 3. Diamond Ltd acquired an item of polishing equipment on 1 July 2015 for $440 000. The equipment is expected to have a useful life of 10 years and the straight-line method of depreciation is to be used. It has salvage value of $40 000. On 1 July 2017, the equipment is deemed to have a fair value of $424 000 and revaluation is undertaken in accordance with the Diamond Ltd policy of measuring property, plant and equipment at fair value. The asset is still usable for next 8 years but the salvage value is determined to be zero. The asset is sold for $356 000 on 1 July 2019. Required: Provide the journal entries necessary at the following dates to account for the above transactions and events. (Ignore narrations). Show your working. 01/07/2015 01/07/2017 01/07/2019