At 1 July 2014, William Ltd acquired the following non-current assets:

Machine A Cost 100,000 Useful Life 5 years

Machine B cost 50,000 Useful Life 10 years

The firm uses the valuation model for both assets

At 30 June 2015, the fair values of all assets were assessed. Machine A had a fair value of $110,000, and Machine B a fair value of $40000. The remaining useful lives were assessed to be 4 years for Machine A and 4 years for Machine B.

At 30 June 2016 the fair values of Machine A and Machine B were reassessed. Machine A had a fair value of $80,000, and Machine B a fair value of $34,000.

Required:

Prepare the journal entries for the assets of William Ltd for the years ending 30 June 2015 and 2016. Assume a tax rate of 30%.