On 30 June 2020, Luffy Ltd acquired a vehicle for $300000 cash, with an expected useful life of 5 years and a zero residual value. The company has adopted fair value for the valuation of non-current assets. On 30 June 2021 , the company hired an independent valuer who assessed the value of the vehicle to be $248000 with a remaining useful life of 4 years and a zero residual value. On 31 December 2022 , the fair value of the vehicle is $145000 with a remaining useful life of 2 years and a residual value of $2000. The company uses straight-line depreciation method for depreciating all its property, plant and equipment. Income tax rate is 30%. The financial year ends on 30 June. Required Prepare all the necessary journal entries related to the vehicle from 30 June 2020 to 31 December 2022. (15 marks) On 30 June 2020, Luffy Ltd acquired a vehicle for $300000 cash, with an expected useful life of 5 years and a zero residual value. The company has adopted fair value for the valuation of non-current assets. On 30 June 2021 , the company hired an independent valuer who assessed the value of the vehicle to be $248000 with a remaining useful life of 4 years and a zero residual value. On 31 December 2022 , the fair value of the vehicle is $145000 with a remaining useful life of 2 years and a residual value of $2000. The company uses straight-line depreciation method for depreciating all its property, plant and equipment. Income tax rate is 30%. The financial year ends on 30 June. Required Prepare all the necessary journal entries related to the vehicle from 30 June 2020 to 31 December 2022. (15 marks)