Gunnamatta Ltd acquired a printing machine on 1 July 2017 for $100 000. It is expected to have a useful life of 10 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 $96 000 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 2021.

Required:

Provide the journal entries necessary to account for the above transactions and events.