Peasy Limited purchased a specialized item of plant, details of which are as follows:

Cost $($purchased on credit$)$ R$660000$

Date of purchase $1$ January $2014$

Useful life $5$ years

Residual value Nil

Depreciation method Straight line

This item of plant is measured under the revaluation model and had the following fair values:

$1$ January $2016$ R$528000$

$1$ January $2017$ R$440000$

Peasy Limited transfers the realized portion of the revaluation surplus to retained earnings over the useful life of the plant.

REQUIRED

Prepare the journals for the plant for the year ended $31$ December $2014$ to $2017$ assuming:

a$)$ The gross replacement value method is used.

b$)$The net replacement value method is used.