At 1 July 2019 David Ltd acquired the following non-current assets:

Machine A	Machine B	Machine C
Cost 48,000	Cost 70,000	Cost 85,000
Useful Life 8 years	Useful Life 8 years	Useful Life 10 years

The firm uses the valuation model for all three assets

At 30 June 2020, the fair values of all assets were assessed. Machine A had a fair value of $45,000, and Machine B a fair value of $58,000. The remaining useful lives were assessed to be 5 years for Machine A and 4 years for Machine B. At this time the value of Machine C was unchanged.

At 30 June 2021, Machine C was sold for a consideration of $75,000. On the same date the fair values of Machine A and Machine B were reassessed. Machine A had a fair value of $32,000 and Machine B a fair value of $54,000.

Required:

Prepare the journal entries for David Ltd for the years ending 30 June 2020 and 2021. Assume a tax rate of 30%