Help me calculate the revaluation :)

View Policies Show Attempt History Current Attempt in Progress On 1 July 2014, Capers Ltd purchased equipment with cash for a total cost of $220,000 including 10% GST. The estimated useful life of the equipment was 10 years, with an estimated residual value of $15,000. The entity's reporting period ends on 30 June, and it uses straight-line depreciation. On 1 July 2016 , the entity revalued the equipment upwards by $17,000 to reflect the fair value. The revised useful life was 8 years and residual value was estimated at $10,000. On 1 January 2018 , Capers Ltd revalued the equipment downwards by $20,000 to reflect the fair value. (a) Your answer is correct. Capers Ltd General journal Date Account and explanation Debit Credit 1/7/14EquipmentGSTpaidCashCas 30/6/1530/6/16DepreciationexpenseAccumulateddepreciation-equipmentDepreciationexpenseAccumulateddepreciation-equipment 1/7/16 Accumulated depreciation-equipment Equipment (To record equipment at carrying value before revaluation) (To record revaluation) 30/6/17 Depreciation expense Accumulated depreciation-equipment 1/1/18 Depreciation expense Accumulated depreciation-equipment (To record depreciation expense) 1/1/18 Accumulated depreciation-equipment Equipment (To record equipment at carrying value before revaluation) Revaluation expense Equipment 200,00020,000 3,000 (To record revaluation) Calculate the new carrying value of the equipment immediately after the revaluation downwards