Frankie Ltd acquired a new service truck on 1 July 2015 for $90,000. The Truck was named as "Kobe" It is estimated the expected useful life of the truck is 9 years and residual value is $9,000. Wayne Ltd uses straight line method to calculate depreciation. On 30 June 2021, Kobe was revalued to $29,500 for the first time. Required: Prepare the journal entries required at 30 June 2021 to reflect the revaluation of the Truck - Kobe Show all workings.