On 1 January 2019, Von Braun Limited (VB) purchased a machine

for $45,000,000 for the production of 5G mobile phones. VB uses the revaluation model for accounting its property, plant and equipment.

It was estimated that the machine had a useful life of 10 years. Depreciation was calculated on a straight-line basis. The machine was revalued to $42,300,000 as at 31 December 2019 and further revalued to $30,000,000 and $26,250,000 as at 31 December 2020 and 31 December 2021 respectively. In 2022, the technology of satellite-connected phone had a successful breakthrough and 5G mobile phone was facing great challenge. The fair value of the machine dropped to $14,400,000 as at 31 December 2022. VB disposed the machine for $9,000,000 cash as at 1 April 2023.

Required:

a Prepare the journal entries for the transactions and events that happened from 31 December 2019 to 31 December 2022 for VB.