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:
- 30 June 2023
- 30 June 2025
| General Journal | |||
| Date | Accounts | Debit | Credit |
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