Bad guyd Ltd is a reporting entity in Australia. They purchased a non depreciabmr asset on 30 June 3019 for 50000. They chose the revaluation model to account for the asset. Their finanicla year end is 30 June.

On June 30 2020, Fair value of asset was estimates to be 58000 due to increased market demand. however market consitions sjgnificantky deteriorated into folloeijg financial year due to covid lockdowns. as a result fair value fell to 25000 on 30 June 2021

a) Prepare all general journal entries for the year ended on 30 June 2021

b) Explain whether or not the carrying amount kf the asset on June 30 2021 would be different if they had adopted the cost model to account fkr the asset since initial acquisition (30 June 2019). Show any caculations required