On 1 July 2019, CRX Construction Ltd paid $150,000 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 $20,000. CRX Construction Ltd uses the revaluation model to measure items of property, plant and equipment and the straight-line method of depreciation. CRX Construction Ltd has a 30 June reporting date.

An independent valuer provided the following fair values for the item of plant equipment:

Reporting date Fair value

30 June 2020 $110,000

30 June 2021 116,000

30 June 2022 118,000

On 30 September 2022, the item of plant equipment was sold for $120,500 cash.

Required

Prepare the journal entries to account for the events and transactions in relation to the item of plant equipment between 1 July 2019 and 30 September 2022.