At 1 July 2014, Twister Ltd acquired the following non-current assets: 

Equipment  $ 100000 

Vehicles         80000 

They are in different classes of non-current assets and are to be measured at fair value. The expected useful lives of vehicles and equipment are 5 years and 10 years, respectively. 

At 30 June 2015, the fair values of both assets were assessed. The equipment had a fair value of $82000, and the vehicles, $70 000. The remaining useful lives were assessed to be 8 years for equipment and 7 years for vehicles 

At 30 June 2016, the fair value of equipment was assessed to be $81 750 and the fair value of vehicles was $55 000. 

Required 

Prepare the journal entries for Twister Ltd for the years ending 30 June 2015 and 2016.