You are the accountant for Fun Times Ltd, an Australian trampoline wholesaler. The company is registered for GST. Fun Times Ltd acquired a new delivery vehicle on 1 July 2022 for $220,000 (including GST). The useful life and residual value of the delivery vehicle is estimated to be 10 years and $40,000 respectively. At 30 June 2023, Fun Times Ltd uses the cost model for its delivery vehicles. The directors elect to depreciate its delivery vehicles on a straight-line basis.

Fun Times Ltd’s directors then elect to adopt the revaluation model on 1 July 2023. They determine at this date that the fair value of this delivery vehicle is $195,000. As at 1 July 2023, this delivery vehicle is expected to have a remaining useful life of 9 years, and the estimated residual value is reassessed from $40,000 to $60,000.

At 30 June 2024, the directors determine that the fair value of this delivery vehicle is $150,000. As at 1 July 2024, this delivery vehicle is expected to have a remaining useful life of 8 years, and the estimated residual value is $60,000.

The delivery vehicle is sold on 31 December 2024 for $170,500 (including GST).

Required:

Prepare the necessary journal entries for the period 1 July 2022 to 31 December 2024 to record the acquisition of the delivery vehicle, depreciation, revaluation entries, and the disposal of the delivery vehicle in accordance with AASB 116. Note: You will need to account for GST in relation to the acquisition and disposal of the delivery vehicle, however you are not required to account for income tax. Show all relevant dates and workings.