Dextor Ltd provided you with information regarding two of their property, plant and equipment $($PPE$)$ items:

Machine Z

Date of purchase $1/4/2020$

Cash purchase cost $$46700$

Estimated economic life $10$ years

Depreciation method Straight line

Residual value Nil

Note: You must provide details of where the revaluation gain$/$loss will be shown in the Statement of Comprehensive Income $($SCI$)$ and which equity account the gain$/$loss will be closed off to i$.$e$.,$ P or L$/$REs or OCI$/$ARS$.$

$($i$)$ On $31$ March $2022,$ Dextor Ltd changed to the revaluation model for its machinery; the FV of Machine Z on this date was $$30000.$ Prepare the journal entries on $31$ March $2022$ to record the first revaluation. Show all your workings within the journal entries.

$($ii$)$ On $31$ July $2023,$ the FV of Machine Z was $$35000.$ Prepare the necessary journal entries on $31$ July $2023$ to record the second revaluation for Machine Z$.$ Show all your workings within the journal entries.

$($iii$)$ Prepare extracts from the financial statements for Dextor Ltd in relation to Machine Z as of $31$ March $2024.$

$($iv$)$ Assume Dextor Ltd did not change to the revaluation model, i$.$e$.,$ they used the cost model. Show extracts from the financial statements for Dextor Ltd in relation to Machine Z for the years ended $31$ March $2021,2022,2023$ and $2024.$

Machine Z had the following recoverable amounts $($RA$)$:

$31/03/2021$ $$45000$

$31/03/2022$ $$30000$

$31/03/2023$ $$28000$

$31/03/2024$ $$25000$