Question $8\mathrm{.}10$

Burgundy Limited purchased a plant on $2$ January $201$ for $C80000.$ The plant is measured under the revaluation model, using the net replacement value method, and is depreciated on the straight$-$line basis, over its estimated economic useful life of $5$ years, to a nil residual value.

The following fair values were measured by an independent valuer using the cost approach $($often called the current replacement cost$)$:

$\backslash$table$[[$Date$,$Fair value$],[01$ January $20$X$2,$C$96000],[01$ January $20$X$3,$C$40000],[01$ January $20$X$4,$C$40000]]$

Burgundy transfers a portion of the revaluation surplus to retained earnings on an annual basis.

There were no indications of impairment at the end of any of the years.

Required:

Show all related journal entries for the years ended $31$ December $20$X$2,20$X$3$ and $20$X$4.$ Ignore tax.