Gunna Ltd acquired a printing machine on 1 July 2018 for $100,000. It is expected to have a useful life of 5 years, with the benefits being derived on a straight-line basis. The residual is expected to be $nil. On 1 July 2019 the machine is deemed to have a fair value of $75,000 and a revaluation is undertaken in accordance with Gunnamatta Ltd’s policy of measuring property, plant, and equipment at fair value. The asset is sold for $89 000 on 1 July 2020.

Provide the journal entries necessary to account for transactions and events at the following date.

a) 30 June 2019

b) 1 July 2019

c) 30 June 2020

d) 1 July 2020