Revaluation of property, plant and equipment Firefly Ltd acquired an item of equipment on 1 July 2016 at a cost of $800,000. On 30 June 2017, Fireflys directors decide to continue using the cost model for equipment. They elect to depreciate the equipment acquired on 1 July 2016 using the straight-line method, over its useful life of five years. The estimated residual value is $40,000. The directors then decide to adopt the revaluation model for equipment from 1 July 2017. They determine that the fair value of this item of equipment on this date is $610,000. The remaining useful life is revised on this date estimated to be six years from 1 July 2017. The estimated residual value is also revised on this date to $50,000. On 30 June 2018, Fireflys directors estimate that the fair value of the item of equipment does not differ materially from its carrying amount. On 30 June 2019, Fireflys directors estimate that the fair value of the item of equipment is $550,000. The item of equipment is sold on 31 December 2019 for $490,000. Required: Prepare journal entries to account for all transactions that took place during the period 1 July 2016 to 31 December 2019, including entries for the acquisition of the equipment, depreciation, revaluations and its disposal. Show all relevant dates, narrations and workings. Note: you are not required to account for income tax associated with revaluations.