Please do asap and show all workings

An extract from the SFOP of Fairy ltd showed the following as at 30 June 2020: Rs'000 PPE at cost 7,200 Accumulated Depreciation (1,080) 6.120 Notes: The company uses straight line method of depreciation (ii) The rate of depreciation is 2.5% per annum (iii) On 1st April 2021, PPE is revalued by Rs 665,000. Required: 1. Show how the revaluation will be accounted in the financial statements of Fairy ltd as at the year ended 30th June 2021. 2. Explain the purpose of depreciation and the factors that need to be taken into account in assessing the amount of depreciation required each year