2 4 points Save Ans The general ledger of XYZ Ltd includes Machine C which was purchased for $700,000 by the company in a previous financial year. The revaluation model was adopted on 1 July 2020 when a revaluation increment of $35,000 had been recorded on the machine. On 30 June 2021 the machine was recorded on the balance sheet as follows: Fair value (30/6/2021) Less Accumulated depreciation Machine C 640,000 130,500 On 1 July 2021, Machine C was sold for $480,000. Required: i. Calculate the gain or loss on the sale of the machine on 1 July 2021. Show all workings. (1 mark) ii. Prepare the journal entries for the sale of the machine on 1 July 2021. (3 marks) Note: Narrations are not required