Epic Ltd acquired industrial equipmentfor $13,000,000 on 1 July 2021. The equipment hasbeen depreciated using a rate of 15% p.a. based on historical cost with no residual value. During the year ended June 2022, due to international competition, Wiley Ltd decidedto restructure its operations. As part of the restructure, the equipment was used in production of new lines of inventory. The new products were not as successful as forecast. As at 30 June 2022, management obtained a fair valuation of $8,500,000 million for the equipment and a value-inuse of $8,250,000. Costs to sell the equipmentwere also estimated at $300,000. By December 2022, the new production lines became more popular and demand increased significantly. The equipment was reaching full capacity to satisfy supply requirements. As at 30 June 2023, due to the specialized nature of the equipment, its fair value had increased to $11,000,000. Epic Ltd decided to reverse its previous impairment losses. Epic Ltd received an offer from one of its competitors to purchase the equipment on 30 June, 2024. Epic Ltd accepted the offer and sold the equipment for $10,500,000. Required: Part A Show all journal entries, in relation to the equipment, for the years ended 30 June 2022, 30 June 2023 and June 2024. All workings must be clearly shown and justified with reference to the relevant accounting standards (State the relevant paragraphs of AASB116 and AASB 136). Round your answers to the nearest dollar. Part B Refer to the 2022 Annual Report of Inghams Limited. The annual report can be accessed via this link. Does the company use the cost model or the revaluation model for Property, Plant and Equipment? What could be the rationale for this companys choice? What main factors were considered by the company during impairment assessment of such assets?