1. Revaluation and disposal of non-current assets

On 1 January 2022, Table Ltd purchased equipment for a total cost of $82 500. The estimated useful life of the equipment was 8 years, with an estimated residual value of $7500. The entitys reporting period ends on 30 June, and it uses straight-line depreciation. On 1 July 2024, Table Ltd revalued the equipment upwards to reflect the fair value of $105 000. The revised useful life was 7 years and residual value was estimated at $nil. On 1 January 2026, Table Ltd sold the equipment for $84 750.

Required

(a) Prepare the journal entries in relation to the equipment from the date of acquisition to the date of disposal assuming no GST.