On 1 July 2018, Oxford Ltd paid $125,000 cash to acquire an item of plant equipment. On this date it was estimated that the item of plant equipment had a useful life of ten years and a residual value of $5,000. Oxford Ltd uses the revaluation model to measure items of property, plant and equipment and the straight-line method of depreciation. Oxford Ltd has a 30 June reporting date. An independent valuer provided the following fair values for the item of plant equipment.

Prepare the journal entries to account for the events and transactions in relation to the item of plant equipment between 1 July 2018 and 30 June 2021

Reporting Date	Fair Value
30 June 2019	$131,000
30 June 2020	109,000
30 June 2021	82,000