On 1 July 2020 an item of equipment is acquired at a cost of $3 million. The asset is to be depreciated using the straight-line method on the basis of an estimated useful life of 15 years and a negligible residual value. On 30 June 2023 it is determined that the asset has a value in use of $2 million and a fair value of $1.8 million before costs of disposal of $50 000. The remaining useful life of the asset is reassessed to be 8 years. On 30 June 2025 it is determined that the asset has a value in use of $1.2 million and a fair value of $1.1 million before costs of disposal of $50 000. The remaining useful life of the asset is reassessed to be 5 years. Required Prepare the journal entries for any depreciation and impairment adjustments