Kookaburra Ltd used the cost model to measure its machine. Machine Z had cost of $80 000 and had a carrying amount of $70 000 at 30 June 2020 and is depreciated on a straight-line basis over a 10-year period.

On 31 December 2020, the directors of Kookaburra Ltd decided to change the basis of measuring the equipment from the cost model to the revaluation model. Machine Z was revalued to $70 000 with an expected useful life of 8 years.

REQUIRED

Provide the numbers for the journal entries in the blanks below for Machine Z on 31 December 2020 and on 30 June 2021. Complete the four blanks.(You don't need to provide the numbers for "??")

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31 December 2020

a)

Depreciation expense Machine Z Dr

Accumulated depreciation Machine Z Cr

b)

Accumulated depreciation Machine Z Dr

Machine Z Cr

c)

Machine Z Dr

Gain on revaluation Machine Z (OCI) Cr

Gain on revaluation Machine Z (OCI) Dr ??

Asset revaluation surplus Machine Z Cr ??

30 June 2021

d)

Depreciation expense Machine Z Dr

Accumulated depreciation Machine Z Cr