South Ltd purchased equipment on 1 July 2021 for $119,400 cash. Transport and installation costs of $12,600 were paid on 5 July 2021. The equipment had an estimated useful life of 10 years and a residual value of $5,400. South Ltd depreciates equipment using the straight-line method. Its annual account closes on 30 June. In June 2023, changes in technology caused the company to revise the estimated useful life from 10 years to 5 years, and the residual value from $5,400 to $3,600. This revised estimate was made before recording the depreciation for the reporting period ended 30 June 2023.

(a) On 30 June 2023, the company adopted the revaluation model to account for equipment. An expert valuation was obtained showing that the equipment had a fair value of $90 000 at that date.

(b) On 30 June 2024, depreciation for the year was charged and the equipments carrying amount was remeasured to its fair value of $48 000.

(c) On 30 September 2024, the equipment was sold for $25,200 cash.

Required

1. Prepare general journal entries to record depreciation of the equipment for the years ended 30 June 2022 and 2023.

2. Prepare general journal entries to record the transactions and events for the period 1 July 2022 to 30 September 2024 for items (a) to (c).

Narrations are required. Show all workings and round amounts to the nearest dollar.