Kbar Ltd adopts the revaluation model for measuring equipment. On 30 June 2021, and prior to recording depreciation for the year, Kbar Ltd obtained a fair value for the equipment at $85 000. In the previous year, Kbar Ltd had revalued this equipment to a fair value of $70 000. This had resulted in recording a decrease of $20 000 for the equipment. The equipment had a remaining useful life of 7 years on that date (no residual value). The company uses straight-line depreciation, the reporting period ends 30 June, and the tax rate is 30%. Required: Prepare the necessary journal entries for the equipment on 30 June 2021. (10 marks)