Bunshine Ltd reported the following information for plant and equipment in its statement of financial position at 1 July 2016: Plant and equipment at cost Less: accumulated depreciation 1,000, 695,000 The records of Sunshine Ltd ss at 1 Juty 2016 showed thatthe plant andequipment consisted of two tems: Plant X Plant Y 200,000 120,000 Cost 800, Carrving amount 575,000 of plant are depreciated on a straight-line basis over 10 years. PlantX hss an estimated Both items residusl value of $50,000, and PlantY hss an estimated residusl value of nil. On 1 July 2017, the directors of Sunshine Ltd decide to change from the cost model to the revaluation model. The following informstion applies: 1 July 2017 1 July 2018 Fairvalue Remaining usaful life Estimatad rsidual value Plant X 5460,000 6 years 540,000 Plant Y $110.000 5 years nil Plant X $410,000 5 years $40,000 Plant Y $90,000 4 year nil Assume a tax rate of 30%. Required: Prepsre all relevantjounalentries for Sunshine Ltd's plant and equipment forthe period 1 July 2016 to 30 June 2019 (including entries fordepreciston andall necessary revsluationentries). Show narrations and all relevant workings. marks awarded Marking Guide Question 4 Joumal entrias 13 orkings