Due to the decline in popularity of the DVD players, Santigo Enterprises has stopped making its top-of-the-line supercharged DVD player in fire engine red. The DVD-making machine is currently on the books at a cost of $550,000 and has accumulated depreciation totalling $200,000. The fair value of the machine is estimated at $50,000. Santigo Enterprises has not made any entry this year regarding this machine. What are the correct journal entries under IFRS?