Prepare the necessary journal entries for the equipment on 30 June 2021.

Kbar Ltd adopts the revaluation model for measuring equipment. On 30 June 2021, and prior to recording depreciation for the year, Kbar Ltd obtained a fair value for the equipment at $85 000. In the previous year, Kbar Ltd had revalued this equipment to a fair value of $70 000. This had resulted in recording a decrease of $20 000 for the equipment. The equipment had a remaining useful life of 7 years on that date (no residual value). The company uses straight-line depreciation, the reporting period ends 30 June, and the tax rate is 30%