Financial Accounting

The following information was derived from the book of Fast Ltd on 30 June 2019.

	Plant	Vehicle
Carrying amount	?	$64,000
Fair value	$276,000	$63,000
Value in use	$260,000	$63,200
Cost of disposal	$4,000	$500

Additional information:

1. Fast Ltd depreciates all of its Property, Plant & Equipment items at 10% per annum using the straight-line method with zero residual value.

2. The Asset Revaluation Surplus for plant has a credit balance of $7,000 on 30 June 2019, as the result of a revaluation increment on 30 June 2018.

3. Plant was purchased on 1 July 2016 for $400,000.

4. The recoverable amount of vehicle is determined to be $56,500 on 30 June 2020. The vehicle was initially purchased at cost of $80,000.

5. Fast Ltd applies revaluation model for plant and cost model for vehicle.

6. The tax rate is 30%.

7. Fast Ltds financial year ends on 30 June each year.

Required:

Prepare the journal entries on 30 June 2019 and 30 June 2020 in relation to the items of Property, Plant & Equipment in accordance to IAS 16/AASB 116 and IAS 36/AASB 136. Show all workings. Narrations for the journal entries are required.