1st July 20X4, Lisa Ltd purchased machine A at the price of $120,000. The revaluation model is applied for the subsequent measurement of machine A. Revaluation is done at the end of each year. Straight line method was used for depreciation over 5 years. Residual value was estimated to be $20,000. Assume the depreciation method, estimation of useful life and residual value remain the same in 20X5 and 20X6. On 30th June 20X5, the fair value of machine A is $90,000. On 30th June 20X6, the fair value of the machine A is $86,000. In July 20X6, machine A was damaged, then repaired at a cost of $10,000. After the repair, the remaining estimated useful life of machine A is revised to two years. On 30th June 20X7, the fair value of the machine is $40,000, cost of disposal is $5,000, value-in-use is $30,000. On 31st December 20X7, Lisa Ltd traded machine A in exchange for machine B. The market price of machine B was $150,000, while Machine A was valued at $30,000. Lisa Ltd paid the difference in cash. Ignore taxes. Required: Please label your responses as 1), 2),,3) and 4). 1) What is the amount of the revaluation income or expense recognised in 20X5? (2/15) 2) All entries needed for the year ended 30th June 20X6 (4/15) 3) All entries needed for the year ended 30th June 20X7 (5/15) 4) Entries needed on 31st December 20X7 (4/15)