Drouyn Ltd acquires an asset for a consideration of $100,000 on 1 July 2017. The asset has an expected life of 10 years and no expected residual value. As of 1 July 2020, the asset has a fair value of $90,000. The asset is depreciated using the straight-line method. The asset is sold for $80 000 on 30 June 2022.

Required:

Provide the journal entries, both without and with a revaluation, for: (a) years 1 to 3 [7 Marks] (b) year 4 [8 Marks] (c) year 5 [10 Marks]