On January 1, 2018, Iron Limited purchased a piece of equipment for production of goods. The purchase price of the equipment was $670,000. Iron Limited paid on the date of purchase by the issue of ordinary shares. Iron Limited estimated that the equipment has an expected useful life of 4 years with a residual value of $30,000 on December 31, 2021. On February 15, 2020, Iron Limited disposed of equipment for cash amount of $358,000.

Iron Limited adopts revaluation model for measuring equipment. For items with revaluation, it is Iron Limiteds policy to eliminate accumulated depreciation against gross carrying amount of asset in a revaluation. There is no need to transfer the excess depreciation from revaluation reserve to retained earnings.

Iron Limited usually depreciates equipment of similar type on a straight line basis. Full year of depreciation is to be charged in the year of purchase and none to be charged in the year of disposal.

Iron Limited revalued the equipment on both December 31, 2018 and December 31, 2019; the revalued amounts were $528,000 and $370,000 respectively.

Required In accordance with the requirement of HKAS 16 `Property, Plant and Equipment, prepare all journal entries that Iron Limited should make relating to the equipment:

1. For the year ended December 31, 2018 and 2019. (10 marks)

2. For the disposal of the equipment on February 15, 2020 (5 marks)