On 30 June 2020, the statement of financial position of Zico Ltd showed the following non- current assets after accounting for depreciation: Equipment 330 000 Accumulated depreciation (100 000) $230 000 Motor vehicle 85 000 Accumulated depreciation (34000) 51 000 The company has adopted fair value for the valuation of non-current assets. This has resulted in the recognition in previous periods of an asset revaluation surplus for the equipment of $8 000 and motor vehicle of $20 000. On 30 June 2020, an independent valuer assessed the fair value of the equipment to be $220 000 and the vehicle to be $45 000. 1. Prepare any necessary entries to revalue the equipment and the vehicle as at 30 June 2020. 2. Assume that the equipment and vehicle had remaining useful lives of 12 years and 3 years, respectively, and both with zero residual value. Prepare entries to record depreciation expense for the year ended 30 June 2021 using the straight-line method. Narration is not required. Round figures to the nearest dollar