Yes it was aquired 5th of july 2018

On 5 of July lot Ltd acquired an item of equipment with an acquisition cost of $800,000. The equipment can be used for 8 years. On 30 June 2019, the end of financial year, the fair value of the equipment was $784,000. The equipment was sold for $767,000 on 1 January 2020. Non-current asset is depreciated evenly over the useful life and has no residual value. The company uses the revaluation model to record non-current asset. The income tax rate is 30%. Ignore GST. Required: a) Prepare relevant journal entries to record non-current asset in 2018/2019 and 2019/2020 financial years in accordance with AASB 116 and AASB 136. (Narrations are required, tax effect entries are required.) b) Comment on the advantages (minimum 2 points) or disadvantages (minimum 2 points) for a company to adopt the revaluation model