On January 2013. Leibhardt Ltd acquired two identical pieces of equipment for a total cost of $540,000 each. The company user the straight-line method of depreciation and its end of reporting period is 30 June.

On July 2019, the company change its accounting policy and revalued each item of equipment upwards by a total of $60,000, based on an independent valuer's report, to fair value. There was no need to revise or residual amounts. On 31 December 2020 one of the items of equipment was sold for $120,000 cash plus GST.

Its Required: to prepare entries (in general journal format) in relation to the equipment from acquisition date to 31 December 2020.