Question 1 (6 marks) Diamond Ltd acquired an item of polishing equipment on 1 July 2013 for $440 000. The equipment is expected to have a useful life of 10 years and the straight-line method of depreciation is to be used. It has salvage value of 40000. On 1 July 2015 the equipment is deemed to have a fair value of $424000 and revaluation is undertaken in accordance with the Diamond Ltd usable for next 8 years but the salvage value is determined to be zero. The asset is sold for $356 000 on 1 July 2017 Required: Provide the journal entries necessary at the following dates to account for the above transactions and events policy of measuring property, plant and equipment at fair value. The asset is still .01/07/2013 .01/07/2015 01/07/2017 201