On 1 July 2020, Horner Corp. purchased an equipment for $500,000. This equipment is depreciated using a straight-line method. The useful life is 5 years and residual value is expected to be zero. The company uses revaluation model for the subsequent measurement of the equipment. The equipment is revalued on 31 December 2020 and the fair value is $480,000. The companys policy is to transfer the revaluation reserve, if any, to retained earnings when the equipment is derecognized. The equipment is sold for $400,000 on 30 June 2021. The company has the fiscal yearending 31 December.

Required: Prepare all relevant journal entries relating to the equipment for the period from 1 July 2020 to 30 June 2021. Indicate the date to each entry. Narratives for entries are not required.