Application of revaluation model:

At 1 July 2014, Twister Ltd acquired the following non-current assets:

Equipment$100 000

Vehicles80 000

They are in different classes of non-current assets and are to be measured at fair value.The expected useful lives of vehicles and equipment are 5 years and 10 years,respectively.At 30 June 2015, the fair values of both assets were assessed. The equipment had a fairvalue of $82 000, and the vehicles, $70 000. The remaining useful lives were assessed tobe 8 years for equipment and 7 years for vehicles.At 30 June 2016, the fair value of equipment was assessed to be $81 750 and the fairvalue of vehicles was $55 000.

RequiredPrepare the journal entries for Twister Ltd for the years ending 30 June 2015 and 2016.