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Patric Ltd used the cost model to measure its Plant X. Plant X had cost of $120 000 and had a carrying amount of $60 000 at 30 June 2021 and is depreciated on a straight-line basis over a 10-year period. Its residual value is negligible. On 31 December 2021, the directors of Patric Ltd decided to change the basis of measuring the plant from the cost model to the revaluation model. Plant X was revalued to $55 000 with an expected useful life of 5 years and a negligible residual value. Required:
Problem 1: Provide the necessary journal entries for Plant X on 31 December 2021 and on 30 June 2022. (Journal narrations are not required)
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