On 1 July 2015, Snow White Ltd purchased equipment for $4 million. Snow White Ltd uses the revaluation model to account for equipment. Snow White Ltd depreciated the equipment over its estimated useful life of four years using the straight-line method. Disposal value at the end of four years was assessed as zero. Indicators of impairment and/or reversal of impairment existed at 30 June 2016, 2017 and 2018. The information below shows relevant asset measurements at various dates.

Required

Prepare general journal entries to account for Snow Whites equipment from 1 July 2015 to 30 June 2018. Your answer must comply with the requirements of AASB 116 Property, Plant and Equipment and AASB 136 Impairment of Assets.

Year ended 30 June 2016 2017 2018 Fair value $2910000 940000 1 140000 Costs to sell $50000 80000 40000 Value-in-use $2950000 1880000 160000 Year ended 30 June 2016 2017 2018 Fair value $2910000 940000 1 140000 Costs to sell $50000 80000 40000 Value-in-use $2950000 1880000 160000