Lycia Ltd has the following property, Part and Equipment PPE) as at 30 June 2020 alter recognizing the decreciation expertise for the year ended at 30 June 2020 O1 Building Accumulated depreciation Machinery Accumulated depreciation 5800 000 (5400 000) $320 000 ($80 000) Additional information Lydia Ltd Mensures the value of building using the revolution model and measures the value of machinery in the historical cost model 2) Bulding has a usefut ide of 10 years and machinery has a useful le of years. Bassets un deprecated based on stenight-line depreciation method with resicule of > On 30 June 2020. the fair value of building is $450 000. The fie value of money is $280 000 The recoverable amount of building is $450 000 and the recoverable amount of machinery $200 000 4 On June 2021, the force of building in $20 000 and the cost of disporalis determined to be $10000 The Use of building is determined to be $290 000. The fie value of machinery in 140 000 and the cost of disposal it determined to be 520 000. The value-inute of machinery 10 000 Lydin perfetti paiement desting for these two net in year 2001 O cover machinery is $280 000 4. On 30 June 2021, me fair value of building is 5310 000 and the cost of disposals determined to be $10000. The values of building is determined to be $290 000 The for value of machinery is $10 000 eed the cost of cisposal es detemined to be $20 000. The We of machinery is 5130 000 tydia performs permettono for these two are your 2021 Reed Prepare the oned with selation of ourding and machinerys 130 June 2021 Se Lydia Ltd has the following Property, Plant and Equipment (PPE) as at 30 June 2020 (after recognizing the depreciation expense for the year ended at 30 June 2020): Building Accumulated depreciation $800 000 ($400 000) Machinery Accumulated depreciation $320 000 ($80 000) Additional information: 1) Lydia Ltd measures the value of building using the revaluation model and measures the value of machinery using the historical cost model. 2) Building has a useful life of 10 years, and machinery has a useful life of 4 years. Both assets are depreciated based on straight-line depreciation method with residual value of 0. 3) On 30 June 2020, the fair value of building is $450 000. The fair value of machinery is $280 000. The recoverable amount of building is $450 000 and the recoverable amount of machinery is $280 000. 4) On 30 June 2021, the fair value of building is $310 000 and the cost of disposal is determined to be $10 000. The value-in-use of building is determined to be $290 000. The fair value of machinery is $140 000 and the cost of disposal is determined to be $20 000. The value-in-use of machinery is $130 000 5) Lydia performs impairment testing for these two assets in year 2021. SZOU VOU. The recoverable amour Durumy 13 400 VOUCH WIE TELUVET ODIE GHIOTTO machinery is $280 000. 4) On 30 June 2021, the fair value of building is $310 000 and the cost of disposal is determined to be $10 000. The value-in-use of building is determined to be $290 000. The fair value of machinery is $140 000 and the cost of disposal is determined to be $20 000. The value-in-use of machinery is $130 000. 5) Lydia performs impairment testing for these two assets in year 2021. Required: Prepare the journal entries associated with the valuation of building and machinery as at 30 June 2021