In the 30 June 2017 annual report of Paperwate stationary, the equipment was reported as follows:

Equipment (at cost)$ 520 000

Accumulated Depreciation(120 000)

The equipment consisted of one machines, Equipment A. The Equipment measured using the cost model, and depreciated on a straight-line basis over a 10-year period.

On 31 December 2017, the directors of Paperwate stationary, decided to change the basis of measuring the equipment from the cost model to the revaluation model. Equipment A was revalued to

$336 000 with an expected useful life of 5 years.

At 30 June 2018, Equipment A was assessed to have a fair value of $320 000 with an expected

Useful life of 4 years,

Required

Prepare the journal entries during the period 1 July 2017 to 30 June 2018 in relation to the Equipment.