Revaluation of property, plant and equipment

Sunshine Ltd reported the following information for plant and equipment in its statement of financial position at 1 July 2016:

	$
Plant and equipment - at cost	1,000,000
Less: accumulated depreciation	(305,000)
	695,000

The records of Sunshine Ltd as at 1 July 2016 showed that the plant and equipment consisted of two items:

	Plant X	Plant Y
	$	$
Cost	800,000	200,000
Carrying amount	575,000	120,000

Both items of plant are depreciated on a straight-line basis over 10 years. Plant X has an estimated residual value of $50,000, and Plant Y has an estimated residual value of nil.

On 1 July 2017, the directors of Sunshine Ltd decide to change from the cost model to the revaluation model. The following information applies:

	1 July 2017		1 July 2018
	Plant X	Plant Y	Plant X	Plant Y
Fair value	$460,000	$110,000	$410,000	$90,000
Remaining useful life	6 years	5 years	5 years	4 years
Estimated residual value	$40,000	nil	$40,000	nil

Assume a tax rate of 30%.

Required:

Prepare all relevant journal entries for Sunshine Ltds plant and equipment for the period 1 July 2016 to 30 June 2019 (including entries for depreciation and all necessary revaluation entries). Show narrations and all relevant workings.