Swift Ltd owned the following items of property, plant and equipment as at 30 June 2023.

water desalinator (at a fair value) - 189000

Additional information (at 30 June 2023)

The water desalinator was purchased and installed on 2 July 2022 at a cost of $200 000. On 30 June 2023, the plant was revalued upwards by $7000 to its fair value on that day. Additionally, its useful life and residual value were re-estimated to 9 years and $18 000 respectively.

The following transactions occurred during the year ended 30 June 2024. (Note: All payments are made in cash.)

On 30 June 2024, depreciation expense for the year was recorded. The fair value of the water desalination plant was $165 000.

1. Prepare general journal entries to record the transactions and events for the reporting period ended 30 June 2024 in relation to the water desalinator