In the 30 June 2020 annual report of Sydney Ltd reported the following:

Plant (at cost) 500 000

Accumulated Depreciation (150 000)

350 000

Plants are measured using the cost model, and depreciated on a straight-line basis over a 10-year period. At 30 June 2020, Plant was assessed to have a fair value of $360 000 with an expected useful life of 6 years. At 30 June 2021, Plant was assessed to have a fair value of $ 250 000.

Required

Prepare the journal entries during the period 30 June 2020 to 30 June 2021 in relation to the Plant. (Please ignore the tax effect.)