$Delivery and transport costs from Melbourne port to the factory$5,000$Installation and commissioning costs$$10,000$Administrative costs incurred in processing and inspection$50,000$Start$-$up and pre$-$production costs$7,999$Employees training Cost$2,999$Exchange translation loss of payable$1,000$ACCM$4200\_1\_2024\_$Assessm...On $1$ April $2024,$ Apple Ltd$.$ placed an order for a machine from a company in the USA. The machinery was delivered on $30$ April $2024.$ The list price is $$719,000,$ and Apple Ltd successfully negotiated a trade discount of $4\%.$ The invoice was paid on $1$June. Import duties amounted to $2\%$ of the purchase price.The following costs are also additionally incurred.General administrative costs allocated$4,500$Apple Ltd depreciates machinery using a straight$-$line method over $8$ years based on historical cost with no residual value. After the $8$th year, the machinery must be dismantled at the cost of $$60,000.$As of $30$ June $2025,$ management decided to adopt the fair valuation model, and an independent professional valuer valued the machinery at $$699,000$ and a $7-$year economic life.The vate ine, o$,$ audie man ge amid in the revis chestimates, is newOn $30$ September $2026,$ Apple Ltd sold the machine for $$615,000.$Required:$($a$)$ Calculate the cost of the machinery. Explain whether or not each item should be capitalised with reference to AASB.$($b$)$ Show all journal entries in relation to the machinery purchase, depreciation, revaluation and disposal for the years ended $30$ June $2024$ to $30$ September $2026.$ Indicate any revaluation gain or loss with P$+$L or OCI and show closing entries of gain or loss to the asset revaluation surplus account. All workings must be clearly shown.