At 30 June 2017, Albert Ltd has reported the following assets. Machine had an original cost of $60,000 and was carried at $36,000 at 30 June 2017. Vehicle had an original cost of $100,000 and was carried at $60,000 at 30 June 2017. Both assets are measured using the cost model and depreciated on a straight-line basis over their expected useful lives. At the time of purchase, Machine had an expected useful life of 10 years and Vehicle had an expected useful life of 5 years.

On 31 December 2017, Albert Ltd decided to change the basis of measuring the two assets from the cost model to the revaluation model. Machine was revalued to $30,000 with a new expected useful life of 6 years. Vehicle was revalued to $57,000 with a new expected useful life of 4 years.

The tax rate is 30%.

Required

Prepare the journal entries at 31 December 2017 in relation to Machine and Vehicle.

Please explain each entry and calculations. Thankyou