Calculation: Asset Impairment, Revaluation On 30 June 2020, an item of machinery had a carrying amount of $525 000. The machinery's cost at acquisition was $750 000 at which time its estimated useful life was 10 years with no residual value. On 30 June 2020, the same item of machinery was assessed as having a recoverable amount of $455 000 and a remaining useful life of 7 years. On 30 June 2023, the machinery was assessed as having a recoverable amount of $315 000 and a remaining useful life of 3 years. All machinery is carried under the cost model. Required Show the journal entries for depreciation and any adjustments relating to impairment on each of the following dates. 1. 30 June 2020 2. 30 June 2023 3. 30 June 2024