1stJuly 20X4, $132,000 was paid by SouthQuick Pty Ltd to purchase machine A (GST inclusive). 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, total useful life and residual value are not affected by revaluation. 1stJuly 20X6, cash proceeds from disposal of machine A was $80,000. (No GST considered for disposal)

30th June 20X5 30th June 20X6

Fair Value $90,000 $90,000

Required:

Journalise the transactions and events incurred from 1stJuly 20X4 to 1stJuly 20X6