Hillbilly Pty Ltd provides consulting services to Slickers Pty Ltd. Rather than pay in cash it is agreed that Slickers Pty Ltd will transfer some machinery to Hillbilly Pty Ltd. The machinery is recorded in Slickers Pty Ltds accounts at a cost of $75,000 with accumulated depreciation of $20,000. The fair value is assessed as being $60,000.

Provide the journal entry (or entries) for Hillbilly Pty Ltd to recognise revenue to be received from Slickers Pty Ltd.