Uw allertion Un about negative activities, Disclosure also be used to advertise ctual changes in performance or activities. Week3. Diamond Ltd acquired an item of polishing equipment on 1 July 2015 for $440 000. The equipment is expected to have a useful life of 10 years and the straight-line method of depreciation is to be used. It has salvage value of $40 000. On 1 July 2017, the equipment is deemed to have a fair value of $424 00G and revaluation is undertaken in accordance with the Diamond Ltd policy of measuring property, plant and equipment at fair value. The asset is still usable for next 8 years but the salvage value is determined to be zero. The asset is sold for $356 000 on 1 July 2019. Required: Provide the journal entries necessary at the following dates to account for the above transactions and events. (Ignore narrations). Show your working. . 01/07/2015 01/07/2017 01/07/2019