Maroon Limited has plant that cost C 100 000 on 1/1/20X1. Depreciation is provided over the useful life of 5 years on a straight line basis to a nil residual value. The company uses the revaluation model for subsequent measurement of its property, plant and equipment and accounts for revaluations on the net replacement value method.

• The fair value, as assessed by an independent valuator at 1/1/20X2 amounts to C 120 000

• The fair value, as assessed by an independent valuator at 1/1/20X3: amounts to C 50 000

• The fair value, as assessed by an independent valuator at 1/1/20X4: amounts toC 50 000

The company transfers the maximum amount possible from the revaluation surplus to retained earnings on an annual basis.

Impairment testing at the end of each year found that the recoverable amounts were higher than carrying amounts.

Required:

Calculate and journalize the transactions for the years ended 31 December 20X2, 20X3 and 20X4.