Problem 1: (20 marks) 0n 1 January 2016, Brad Corp. purchased an equipment for 1,000,000. This equipment is depreciated using a . The useful life is 9 years and the residual value is expected to be 100,000. The company uses _ for the subsequent measurement of the equipment. The equipment is revalued at each year-ending on 31 December, if necessary. 0n Bl December 2016; the fair value of the equipment is 740,000 with the same residual value at 100,000. On 31 Member 2011, the asset was revalued again at the amount of 980,000 with a residual value of 0. The company's policy is to use the for any accumulated depreciation at the date of revaluation and transfer the revaluation reserve to retained earnings when the asset is disposed. Brad Crop. Sold the asset on nglygpl for a cash payment of 1,000,000. Rim Prepare all relevant journal entries relating to the equipment for the period from :1 January 2016 kggijgegember 2018. Indicate the date to each entry. Narratives for entries are not required. (20 ..... -..'I "A