In the 30 Jun 2022 annual report of ABC:

Equipment at cost $370,000

Accumulated depreciation $92,500

Total. $277,500

The equipment consist of one machine. The machine is measure using the cost model and depreciation on a Trai gut line basis over 8 years

On 31 Dec 2022, the director decided to change the basis of measuring the equipment from the cost model to the revaluation model. The equipment was revalue to $260,000 with an expected useful life of 6 years

A) prepare the journal entries for the equipment for the period 1 July 2022 to 30 June 2023 on the basis that it was revalued on 31 Dec 2022

B) with reference to AASB116, identify the 3 components of cost of an item of property, plant and equipment

C) identify and discuss 3 environment impacts of the purchase, use and disposal of items of Property P, plant and equipment