At 1 July 2018, Twister Ltd acquired a piece of equipment for a cost of $100,000 which is part of their PPE.

This equipment is depreciated on a straight-line basis with a useful life of 10 years and no residual value. It is to be measured at fair value.

At 30 June 2019, the equipment had a fair value of $82 000. The remaining useful life was assessed to be 8 years.

At 30 June 2020, the fair value of equipment was assessed to be $81 750.

Required

Prepare the journal entries for Twister Ltd for the years ending 30 June 2019 and 2020.