Frankie Ltd is a forestry company that owns a plantation forest of silver firs trees. Typically, silver firs trees take 20-50 years until they are mature to harvest. The trees were planted in 2010. At the start of the 2021 financial year, there were 1,520 silver first trees on the plantation with each valued at $170. At the end of the financial year, due to air pollution, Frankie Ltd had only 1,250 trees but each was valued at $220. Frankie Ltd also had equipment that was valued at a book value of $130,000 ($26,000 accumulated depreciation) as of the end of 2021. This equipment was revalued to $140,000. In addition, Frankie Ltd paid $20,000 in pruning expenses in 2021.

Record the appropriate journal entries and show your workings.