Question 2 (12 marks) Saigon Manufacturing purchased equipment on 1 July 2016 for $39,800 cash. Transport and installation costs of $4,200 were paid on 5 July 2016. Useful life and residual value were estimated to be 10 years and $1,800 respectively. Saigon Manufacturing depreciates equipment using the straight-line method and has a financial year ending on 30 June On 1 July 2018, the company adopted the revaluation model to account for equipment. An expert valuation was obtained showing that the equipment had a fair value of $30,000 at that date. The useful life and residual value remained unchanged. On 30 June 2019, depreciation for the year was charged and the equipment's carrying amount was remeasured to its fair value of $16,000. The residual value remains unchanged; however, it was estimated the useful life would now be 6 years. On 30 September 2019, the equipment was sold for $8,400 cash. Ignore GST. Required: Prepare the journal entries to record the purchase of the equipment on 1 July 2016 through to its disposal on 30 September 2019. Show all workings and round amounts to the nearest dollar. (12 marks)