1.On 1 January 2015, KZ Ltd purchased equipment for a total cost of $55,000. The estimated useful life of the equipment was 8 years, with an estimated residual value of $5,000. The entity's reporting period ends on 30 June, and it uses straight-line depreciation. On 1 July 2017, KZ Ltd revalued the equipment upwards to reflect the fair value of $70,000. The revised useful life was 7 years and residual value was estimated at $nil. On 1 January 2019, KZ Ltd sold the equipment for $56,500.

Prepare the following journal entries (assuming no GST):

a)journal entries on 1 July 2017 for the revaluation of the equipment.

b)Journal entry on 30 June 2018 for the depreciation expense.

c)Journal entries on 1 January 2019 for the sale of the equipment.