Q2 Property Plant and Equipment At 1 July 2018, ABC Ltd acquired Equipment A for $350,000. The company estimated the useful life to be 5 years and allocates the cost using straight line method of depreciation. The firm adopts the revaluation model to account for equipment. The fair value of Equipment A was determined to be $300,000 on 30 June 2019 and its useful life estimated to be 3 years. At 30 June 2020, the fair value of Equipment A was reassessed. The equipment had a fair value of $175,000. Required: Prepare the journal entries to record the revaluation for the years ending 30 June 2019 and 2020. Assume a tax rate of 30%. Show workings, where applicable