1 On 1 July 2019, DEF Ltd purchased a new machine at a price of $385,000. It was estimated that the machine would have a useful life of 7 years and a residual value of $105,000. On 30 June 2021, DEF Ltd adopted the revaluation model. On that date, it estimated that the fair value of the machine was $300,000, with a residual value of $30,000 and a remaining useful life of 4 years. DEF Ltd has a 30 June reporting date and uses the straight-line method of depreciation for all of its machines. Required: i. Prepare the journal entry for the purchase of the machine on 1 July 2019. (1 mark) ii. Calculate the carrying amount of the machine and revaluation increment/decrement for the revaluation of the machine on 30 June 2021. (2 marks) iii. Prepare all journal entries for the year ended 30 June 2021 related to the machine including the depreciation for the year and revaluation