Part B On 1 July 2016, Winsor Corp. purchased an equipment for $120,000. This equipment is depreciated using a straight-line method. The useful life is 6 years and residual value is expected to be zero. The equipment is revalued on 31 December 2017 and the fair value is $108,000. The company's policy is to use gross elimination method for any accumulated depreciation at the date of revaluation and only transfer the revaluation reserve, if any, to retained earnings when the equipment is de- recognized. The equipment is sold for $80,000 on 30 June 2018. Required: Prepare all relevant entries relating to the equipment for the period from 1 July 2016 to 30 June 2018. Indicate the date to each entry. Narratives are not required. (14 marks)