On 1 July 2014, Capers Ltd purchased equipment with cash for a total cost of $203,500 including 10% GST. The estimated useful life of the equipment was 10 years, with an estimated residual value of $17,000. The entity's reporting period ends on 30 June, and it uses straight-line depreciation. On 1 July 2016, the entity revalued the equipment upwards by $20,000 to reflect the fair value. The revised useful life was 8 years and residual value was estimated at $9,000. On 1 January 2018, Capers Ltd revalued the equipment downwards by $23,100 to reflect the fair value. Prepare the journal entries in relation to the equipment from the date of acquisition. (Enter debit entries first followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Capers Ltd General journal Debit $ Credit $ Date Account and explanation 1/7/14 1/1/18 (To record depreciation expense) 1/1/18 (To record equipment at carrying value before revaluation) (To record revaluation) (To record equipment at carrying value before revaluation) - (To record revaluation) 30/6/17 1/1/18 (To record depreciation expense) 1/1/18 1/1/18 (To record depreciation expense) 1/1/18 (To record equipment at carrying value before revaluation) (To record revaluation) 8 Accumulated impairment loss Amortisation expense Cash 18 efore Computer Delivery truck Depreciation expense Equipment Franchise ( GST collected r GST paid Impairment loss Loss on disposal Loss on scrapping Machinery Patents Research and development expense Revaluation expense (Revaluation surplus o Ford B 18 Accumulated amortisation franchise Accumulated amortisation patents Accumulated depreciation-computer Accumulated depreciation equipment Accumulated depreciation machinery Accumulated depreciationtruck Accumulated impairment loss Amortisation expense efore Cash Computer Delivery truck Depreciation expense Equipment Franchise GST collected GST paid (Impairment loss 0 C