(a) Kites Apparel Ltd was established on 1 April 2014. On the same date, it bought following machines to use in the business. The details of the purchase are as follows: Machines Cost Useful life Residual value 10 years Cutting Machine (CM) Fusing Machine (FM) $160,000 $140,000 $10,000 $12,000 8 years Kites Apparel Ltd uses the straight-line method to depreciate these machines. Its financial year-end is 31 March. On 31 March 2019, an independent valuer assessed the fair values of two machines to be as follows: Cutting Machine (CM) $137,500 Fusing Machine (FM) $ 54,000 Kites Apparel Ltd decided to revalue these items on 31 March 2019. There was no change in the expected useful lives of the machines and residual values. Required: Show the journal entries required at 31 March 2019 to record the revaluation of each of the assets. Show all workings relevant to depreciation to date, carrying values and revaluation increments or decrements. (9 marks) (b) On 31 March 2020, Kites Apparel Ltd revalued the Fusing machine to $58,000 following a review by an independent valuer. The review showed no change to the value of other assets as at 31 March 2020. There were no changes to the other details regarding this motor vehicle including residual value. Required: Show all workings and the journal entries required at 31 March 2020 to reflect the revaluation of Fusing machine. (6 marks) (c) On 1 June 2020, Kites apparel Ltd sold the Cutting Machine for $100,000 cash. Required Show the journal entry required at 1 June 2020 to reflect the disposal. Show all workings. (5 marks) Round all amounts to the nearest dollar. (d) On 1 June 2020, it was determined that the Fusing machine could be sold for a price of $48,500 and the costs associated with making the sale would be $3,000. Alternatively, the machine is expected to be useful for another three years and the value in use is calculated as $46,000. Required Determine whether an impairment loss needs to be recognised in relation to the machinery and prepare the journal entry