b. In the 30 June 2021 annual report of On Time Logistics Ltd, the equipment was reported as follows: Equipment (at cost) Accumulated depreciation Carry value 990,000 365,000 625,000 The equipment consisted of two types, Warehouse and handling equipment (WHE), and Motor vehicles (MV), respectively, at cost $550 000 and had a carrying value of $310 000 at 30 June 2021, and MV's had a cost of $440 000 and had a carrying value of $315 000. Both asset types are measured using the cost model and depreciated on a straight-line basis over 10 years (WHE) and 5 years for Motor Vehicles. On 1 January 2022, the directors of On Time Logistics Ltd decided to change the basis of measuring the equipment from the cost model to the revaluation model. WHE was revalued to $390,000 with an expected useful life of 6 years, and Motor Vehicles were revalued to $420,000 with an expected useful life of 3 years. Required 1. Prepare journal entries to record depreciation for the 6 months to 31 December 2021, assuming there was no revaluation, for both Refrigeration and freezer equipment (RFE) and Motor Vehicles (MV), respectively. [6 marks] 2. What is the carrying value of WHE as at 31 December 2021? [2 marks] 23 3. Prepare the journal entries for WHE for the period 1 January 2022 to 30 June 2022 on the basis that it was revalued on 1 January 2022. [10 marks]