Peter Ltd owns an asset with a cost price and base cost of R$30000$ and a carrying amount of R$24000$ which was revalued to a net replacement value of R$40000.$ The South African Revenue Service allowed a tax allowance of R$7500$ on the asset and the tax rate is $28\%.66\mathrm{.}6\%$ of all capital gains are taxable.

Calculate the deferred tax implications of the revaluation of the asset of Peter Ltd

if:

$($a$)$ the asset is used; and

$($b$)$ the entity sold$/$is of the intention to sell the asset.

Do the journal entries for both cases.

Round off all calculations to the nearest rand