In the 30 June 2022 annual report of Marcel Confectionary Ltd, the Plant and Equipment was reported as follows:

Plant & Equipment (at cost)	$	300 000
Accumulated depreciation		90 000
		210 000

The equipment consisted of two factory machines, a Double Arm Mixer used for mixing confectionary ingredients and Refrigeration to keep the ingredients chilled to the right temperature. The Double Arm Mixer had cost $180 000 and had a carrying amount of $108,000 at 30 June 2022. Refrigeration had cost $120 000 and had a carrying amount of $102 000. Both pieces of equipment are measured using the cost model and depreciated on a straight-line basis over a 10-year period.

On 31 December 2022, the directors of Marcel Confectionary Ltd decided to change the basis of measuring the equipment from the cost model to the revaluation model. The Double Arm Mixer was revalued to $108 000 with an expected useful life of 6 years, and the Refrigerator was revalued to $93 000 with an expected useful life of 5 years.

At 1 July 2023, the Double Arm Mixer was assessed to have a fair value of $97 800 with an expected useful life of 5 years, and the Refrigerations fair value was $81 900 with an expected useful life of 4 years.

Required

1. Prepare journal entries to record depreciation during the year ended 30 June 2023, assuming there was no revaluation.
2. Prepare the journal entries for the Double Arm Mixer for the period 1 July 2022 to 30 June 2023 on the basis that it was revalued on 31 December 2022.
3. Prepare the journal entries for the Refrigeration for the period 1 July 2022 to 30 June 2023 on the basis that it was revalued on 31 December 2022.
4. Prepare the revaluation journal entries required for 1 July 2023.

5. According to accounting standards, on what basis may management change the method of asset measurement, for example from cost to fair value?