Question 3 Hot yet nswered Marked out of 5,00 Hag question On 1 March 2018 Poppy Ltd acquired a second hand 18 wheeler truck for $70,000. The truck had to be transported to Poppy Ltd's construction yards at a cost of $3,000 and a new engine installed at a cost of $22,000. The truck was operational and ready to drive on 31 March 2018. Poppy Ltd estimated the truck's useful life to be 8 years and the residual value to be $15,000. Poppy Ltd depreciates the truck using the straight-line method. On 30 June 2020 Poppy Ltd decided to adopt the revaluation model for the truck (there are no other trucks on hand at 30 June 2020). The truck was deemed to have a fair value of $70,000 on 30 June 2020. The tax rate is 30%. Depreciation for 30 June 2020 has not yet been recorded. Required: Prepare the necessary journal entries for the revaluation of the truck on 30 June 2020 (Show all working out). (15 marks)