Question 18.2 Application of revaluation model (adapted) At 1 July 2014, Twister Ltd acquired the following non-current assets: Equipment $100 000 Vehicles 80 000 They are in different classes of non-current assets and are to be measured at fair value. The expected useful lives of vehicles and equipment are 5 years and 10 years, respectively. At 30 June 2015, the fair values of both assets were assessed. The equipment had a fair value of $82 000, and the vehicles, $70 000. The remaining useful lives were assessed to be 8 years for equipment and 7 years for vehicles. At 30 June 2016, the fair value of equipment was assessed to be $81 750 and the fair value of vehicles was $55 000