Frozen Ltd purchased machinery on 1 July 2011 for $680,000. The machinery is expected to have a useful life of 20 years and a residual value of $80,000. The firm accounts for the machinery using the revaluation model. The fair value of the machinery on 30 June 2012 is $699,400. The machinery was sold for $500,000 cash on 31 December 2013. No revisions are made to the useful life and residual value at the time of the revaluations.

1. Record depreciation of the machinery for the year ended 30 June 2012.
2. Record the entries to revalue the machinery on 30 June 2012.
3. Record depreciation of the machinery for the year ended 30 June 2013.
4. Record allentries necessitated by the sale of the machinery on 31 December 2013.