The Bad Guys Ltd (BGL) is a reporting entity in Australia. BGL purchased a non-depreciable asset on 30 June 2019 for $50,000. BGL chose the revaluation model to account for the asset. BGL'S financial year end is 30 June. On 30 June 2020, the fair value of the asset was estimated to be $58,000 due to increased market demand. However, market conditions significantly deteriorated into the following financial year, due to the impact of COVID19 lockdowns. As a result, the fair value fell to $25,000 on 30 June 2021. Required: a). Prepare all general journal entries for the year ended on 30 June 2021. b). Explain whether or not the carrying amount of the asset on 30 June 2021 would be different if BGL had adopted the cost model to account for the asset since initial acquisition (30 June 2019). Show any calculations required