ILearn Accounting for PPE (20 marks) On 30 June 2019, the statement of financial position of Sweeney Ltd showed the following non-current asset after charging depreciation: $ 300 000 Equipment Accumulated Depreciation (180 000) 120 000 The company has adopted fair value for the valuation of non-current assets. This has resulted in the recognition of revaluation loss in previous periods for the equipment of $6000. On 30 June 2019, an independent valuer assessed the fair value of the Equipment to be $130 000 and useful life to be 5 years with no residual value. On 31 December 2019, an independent valuer again revalued the asset to $110 000 and useful life to be 4 years with no residual value. On 20 lune onbewust dirahman The company has adopted fair value for the valuation of non-current assets. This has resulted in the recognition of revaluation loss in previous periods for the equipment of $6 000, On 30 June 2019, an independent valuer assessed the fair value of the Equipment to be $130 000 and useful life to 5 years with no residual value. On 31 December 2019, an independent valuer again revalued the asset to $110 000 and useful life to be 4 years with no residual value. On 30 June 2020, the Equipment was sold for cash $90 000 The income tax rate is 30%. Required Prepare all the necessary journal entries related to the Equipment from 30 June 2019 to 30 June 2020. (20 marks)