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Question 3 Asset Revaluation (14 marks) Money Ltd acquired equipment on 1 July 2021 at $105,000

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Question 3 Asset Revaluation (14 marks) Money Ltd acquired equipment on 1 July 2021 at $105,000. The equipment is depreciated using straight-line method and subsequently measured using the revaluation model. Money Ltd expects the equipment to have 7 years useful life and a zero residual value. The information below is available regarding the equipment in the following periods. Date Fair Value Cost to Sell Value in Use 30 June 2023 $ 85,000 $ 2,000 $90,000 30 June 2025 $ 45,000 $ 3,000 $40,000
Required
Assuming indications of impairment exist on the dates above, please prepare the general journal entries (as per template below) to account for the equipment on the following dates: a. 30 June 2023 b. 30 June 2025