Coleman Ltd purchased a new machine for $2,159,900 with an expected useful life of 10 years

on 1 July 2019. The company has adopted the fair value approach for the revaluation of non-

current assets. Accordingly, on 30 June 2020, new machine was revalued to $1,959,600 with an

expected remaining useful life of 9 years. The following provides details of this revaluation:

Cost of machine

Accumulated depreciation

Carrying amount at 30 June 2020

Fair value at 30 June 2020

Revaluation Gain

At 30 June 2021, the new machine was revalued again and assessed to have a fair value of

$1,716,100. The remaining useful life was assessed to be 8 years.

Required:

Prepare the journal entries for the records of Coleman Ltd to recognise the events for the year

ended 30 June 2021. Must show all calculations.

Note: You are not expected to prepare journal entries for the year ended 30 June 2020

Please supply your answers in the greyed area below

Please show your supporting calculations here