Judds Ltd purchased an equipment for $240,000 on 1 July 2015 and depreciates the asset over 10 years. The estimated residual value is nil. The company adopts the revaluation model in accounting for its PPE assets. On 30 June 2020, the management of Judds Ltd assessed the equipment as having a fair value of $125,000 and a residual value of $25,000. What should be the accumulated depreciation of the equipment on 30 June 2022 assuming the original estimated useful life remains the same? Group of answer choices $160,000 $120,000 $40,000 $85,000