Revaluation of property, plant and equipment Snowy Ltd commences operations on 1 July 2015, and on this date, acquires two items of plant: Plant A: $150,000 Plant B: $250,000 Both assets are depreciated on a straight-line basis. Plant A has an estimated useful life of 10 years, and an estimated residual value of $30,000. Plant B has an estimated useful life of 5 years, and an estimated residual value of $0. At 30 June 2016, Snowy Ltd decides to use the revaluation model for the plant. The fair value of Plant A is $120,000, and the fair value of Plant B is $235,000. The remaining useful life of each item is 9 years for Plant A, and 4 years for Plant B. The estimated residual values remain unchanged. At 30 June 2017, the fair value of Plant A is $115,000, and the fair value of Plant B is $130,000. Assume a tax rate of 30%. Required: Prepare journal entries for Snowy Ltd at 1 July 2015, 30 June 2016 and 30 June 2017 to record the above (including entries for acquisitions, depreciation, and all revaluation entries). Show narrations and all relevant workings.